TAIPEI: A significant milestone in Taiwan-US relations was achieved Wednesday with the formal implementation of the first agreement under the US-Taiwan Initiative on 21st Century commercial. This landmark agreement, which focuses on enhancing trade and economic ties between the two nations, covers key areas such as regulatory procedures, trade facilitation, customs administration, and anti-corruption efforts.
Both parties have committed to working together to ensure the successful implementation of the agreement’s provisions. The Office of Trade Negotiations hailed the deal as a “significant milestone” in deepening bilateral relations.
Key aspects of the agreement include strengthened cooperation in supporting small and medium-sized enterprises (SMEs) and domestic service industries. New committees will be established to improve trade facilitation and promote good regulatory practices. A liaison mechanism will also be set up for SMEs to enhance communication and collaboration.
US Trade Representative Katherine Tai underscored the importance of the agreement, calling it a major step in boosting economic ties between the US and Taiwan. “We are grateful to our Taiwanese partners for assisting us in achieving this significant goal,” Tai said.
The agreement, which was passed by the US Congress with bipartisan support in July, lays a solid legal foundation for expanded commercial relations. It marks the most extensive commercial pact between the two countries since 1979.
In addition to the first agreement, both sides are working on a second agreement under the Initiative, which is expected to cover labor, environmental, and agricultural issues. While the second agreement is still in negotiation, both nations are optimistic about finalizing it soon.
Taiwan’s trade office has expressed optimism that this deal will serve as a stepping stone towards a future free-trade agreement. Premier Cho Jung-tai described the day as “significant” for Taiwan-US relations, highlighting the commitment of both countries to advancing bilateral cooperation across multiple sectors.
