The United States and Taiwan concluded Thursday negotiations on the US-Taiwan Initiative on 21st Century Trade which aims to bolster bilateral trade and economic cooperation.

“This accomplishment represents an important step forward in strengthening the US-Taiwan economic relationship,” said US Trade Representative Katherine Tai in a press statement.

The negotiations were held under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO).

“It demonstrates how we can work together and advance mutual trade priorities on behalf of our people. We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles pressing 21st century economic challenges.” The first agreement under the initiative covers the areas of customs administration and trade facilitation, good regulatory practices, services domestic regulation, anticorruption, and small and medium-sized enterprises.

Through these provisions, US businesses will be able to bring more products to Taiwan and Taiwanese customers, while creating more transparent and streamlined regulatory procedures that can facilitate investment and economic opportunities in both markets, particularly for small- and medium-sized enterprises.

Once signed, this agreement will deepen the trading partnership and enhance US-Taiwan trade flows in order to promote innovation and inclusive economic growth for workers and businesses.

The agreement will be signed by AIT and TECRO in the coming weeks, in both English and Chinese.

Source: Kuwait News Agency