Daily Management Review

Taiwan Confident Of Advancement In Trade Deal Under The New Us Administration Of Joe Biden


Taiwan Confident Of Advancement In Trade Deal Under The New Us Administration Of Joe Biden
A bilateral trade agreement between the United States and Taiwan that is being long sort after the later will be supported by the incoming government of US President-elect Joe Biden, which would be a follow up of the high level economic talks with the current Trump administration, said a confident Taiwan’s foreign minister.
Washington should prioritise free trade negotiations with Taiwan so that other countries including the United Kingdom, the European Union and Japan also follow the same path on trade cooperation, wrote Frank Jannuzi, a key Biden aide when the president-elect was in Congress, last month.
Restrictions on imports of pork and beef form the YS were eased by Taiwan in August thereby removing one of the most important stumbling blocks in a free trade agreement with eth US.
The across the aisle support for Taiwan’s meat decision as well as a call in October by 50 US senators from both parties on the U S president Donald Trump’s administration to start negotiations on a possible free trade agreement with the island state were noted by Taiwanese Foreign Minister Joseph Wu while speaking to the press in Taipei after Taiwan-US economic talks.
“I think bipartisan support on Capitol Hill is still very strong, and I think that kind of support for a Taiwan-US BTA will continue into the new administration,” Wu said.
The most recently held talk between Taiwan and the US under the title of a new Economic Prosperity Partnership Dialogue were not linked to any possible free trade agreement but was instead related to on multiple other areas such as cooperation in science and technology, restructuring  of the existing and new supply chain and 5G networks.
Both sides “confirmed that strategic cooperation on the semiconductor industry is a mutual priority”, said Taiwan’s government referring to the talks and in affirmation to the tech-heavyweight Taiwan’s importance as a global chip maker for companies tech such as Apple Inc.
Earlier this year, plans of investing in a semiconductor factory in Arizona, US, worth $12 billion were announced by Taiwan Semiconductor Manufacturing Co, the largest contract chipmaker of the world. Referring to this announcement, US Secretary of State Mike Pompeo said that this investment would help the US to decrease its economic dependence on China.
The two sides agreed to negotiate a science and technology agreement, said the US State Department in a statement on the talks, and added that further talks in the future will help to further strengthen their economic relationship and “our shared commitment to free markets, entrepreneurship, and freedom”.
The talks were held both in per son and virtually in Washington and are a part of a policy of the US to increase engagement with Taiwan initiated under the Trump administration which has become an eye sore for China which claims Taiwan - a  democratic island, as its own territory.