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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

US and Taiwan agree on first part of ’21st Century’ trade accord

Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone S... Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone Siu
Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone S... Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone Siu

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On Thursday, the U.S. Trade Representative’s office announced that the first part of their “21st Century” trade plan, including customs and border processes, regulatory standards, and small companies, was concluded with Taiwan.

After the initial agreement of the U.S.-Taiwan Initiative on 21st Century Trade is signed, negotiations will begin on more complicated trade areas like agriculture, digital trade, labor, environmental standards, state-owned enterprises, and non-market policies and practices, USTR said.

According to U.S. Trade Representative Katherine Tai, the arrangement boosts U.S.-Taiwan relations and shows they can work together to advance trade priorities for both populations.

“We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles 21st century economic challenges,” Tai said.

Taiwan’s Office of Trade Negotiations termed the accord “historically significant” and said it hoped to resolve all remaining concerns by year’s end.

The treaty would not change goods tariffs, but proponents say it will deepen economic ties between the U.S. and Taiwan, open the Chinese-claimed island to more U.S. exports, and help Taiwan resist economic coercion from China. Democratic Taiwan opposes China’s sovereignty claims.

Taiwan President Tsai Ing-wen’s April meeting with U.S. House of Representatives Speaker Kevin McCarthy enraged China. The trade accord is announced before Wang Wenta, China’s commerce minister, meets USTR Tai and U.S. Commerce Secretary Gina Raimondo.

After the Biden administration excluded Taiwan from its Indo-Pacific Economic Framework, bilateral talks began last August.

USTR claimed the text on customs and trade facilitation would minimize red tape for U.S. enterprises exporting to Taiwan by permitting electronic customs forms and online payment of duties and fees, reducing vessel waiting times.

USTR said the excellent regulatory practices and services regulation texts streamline operating licenses for cross-border enterprises and promote fair competition.

The trade agency said that money laundering, denial of entrance for foreign public officials, and anti-corruption measures are based on the U.S.-Mexico-Canada trade agreement. In addition, USTR said the SME text facilitates cross-border investment and finance.


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