The United States and Taiwan have struck a deal to guide highly anticipated trade negotiations, a series of talks that will likely irk China after tensions rose this month amid House Speaker Nancy Pelosi’s (D-CA) visit to the self-governing island.
The U.S.-Taiwan Initiative on 21st Century Trade, unveiled this summer, will address trade facilitation, regulatory practices, and anti-corruption standards, including distortive state-owned enterprise and nonmarket policies, according to the Office of the United States Trade Representative. The accord will look to build business between small and medium enterprises, as well as expand agriculture and digital opportunities while underscoring labor rights and environmental concerns.
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“Today, we begin negotiations with Taiwan under the auspices of [the American Institute in Taiwan] and [the Taipei Economic and Cultural Representative Office in the United States] that will deepen our trade and investment relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses,” Deputy U.S. Trade Representative Sarah Bianchi said in a statement.
Negotiations are scheduled to start in the fall.
The White House’s Indo-Pacific coordinator, Kurt Campbell, foreshadowed the agreement last week after China increased the intensity of its military drills across the Taiwan Strait.
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“We’re developing an ambitious road map for trade negotiations, which we intend to announce in the coming days,” Campbell told reporters Friday.
