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"Taiwan-U.S. 21st Century Trade Initiative" Officially Launches Negotiations

"Taiwan-U.S. 21st Century Trade Initiative" Officially Launches Negotiations

The Office of Trade Negotiations of the Executive Yuan

August 18, 2022

This English version should be used in conjunction with the original Mandarin press release.

After Taiwan and the United States launched the 21st Century Trade Initiative on June 1, 2022, and a rigorous preparation and negotiation process, both sides committed to officially launch the Taiwan-U.S. trade negotiations. The Office of Trade Negotiations of the Executive Yuan said that during the preparation process, both sides demonstrated a high degree of ambition and hoped to achieve concrete results as soon as possible and sign a trade agreement.

In future negotiations, both sides will discuss: (1) trade facilitation; (2) good regulatory practices; (3) anti-corruption; (4) small and medium-sized enterprises; (5) agriculture; (6) standards; (7) digital trade; (8) labor; (9) the environment; (10) state-owned enterprises; (11) non-market policies and practices. These eleven topics will be negotiated on the basis of fairness and reciprocity.

The Office of Trade Negotiations of the Executive Yuan stated that although this negotiation will not involve tariffs, the items to be discussed have four important goals:

1. Strengthen the overall economic strength of the country, including by facilitating Taiwan-U.S. agricultural trade, assisting small and medium-sized enterprises to expand the U.S. market, and strengthening Taiwan’s digital economy, which is helpful to Taiwan’s international reputation of attaching importance to environmental protection and labor rights.

2. Strengthen U.S.-Taiwan investment and trade, increase the confidence of international investment in Taiwan, and give Taiwan more opportunities to attract capital and technology from the United States and the world at large.

3. Strengthen the institutionalized connection between Taiwan and other countries: The signing of the U.S.-Taiwan trade agreement will not only help Taiwan’s bid to join the CPTPP and expand the international space, but also allow Taiwan to have more opportunities to deepen the institutionalized connection with other countries.

4. To strengthen the market economic system, both sides can work together to enhance Taiwan’s ability to counter non-market policies and practices.

Taiwan and the United States agreed to cooperate and provide assistance to women, the disadvantaged, small and medium-sized enterprises and other ethnic groups through cooperation, which is in line with our core values ​​of diversity, equality of opportunity and inclusiveness. This highlights international corporate governance trends, such as environmental protection and social responsibility. 

In the past two months, all relevant government agencies in Taiwan have been fully prepared for all possible scenarios with regard to this negotiation based on international trends. It is believed that the signing of the future agreement will help Taiwan strengthen and deepen its economic and trade relationship with the United States. 

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