President of NOW, Joe Bidensigned this Monday part of the trade agreement with Taiwan to deepen economic cooperation with the island, despite opposition China.
In a press release, Biden announced the signing of the first agreement as part of the call The 21st Century US-Taiwan Initiativewhich, despite not being a free trade agreement, was described by Taipei as the broadest trade pact between the two sides since Washington established diplomatic ties with Beijing in 1979 under the principle of recognizing “one China”.
Even so, this partial agreement signed by Biden today is limited, as it covers issues such as customs forms, regulatory practices and anti-corruption measures, but does not address tariffs on certain goods or Taiwan’s complaints of double taxation in the US. .
They signed this initial part of the agreement on June 1 American Institute in Taiwanwhich acts as the “de facto” US embassy on the island, and Office of the Taiwanese Cultural Representative in Washingtonwho defends the interests of his government in a North American country.
The text states that its goal is to “strengthen and develop economic relations between the US and Taiwan” for mutual benefit; lay the foundations for future cooperation; and ensure transparency and consultation requirements for future business.
It is expected that in the coming months, both sides will conduct negotiations on labor, environment and digital trade, within the framework of this initiative.
According to official US data, in 2021 US exports of goods and services to Taiwan amounted to 47.3 billion dollars18.8% more than in 2020, while the import from the island to the North American country was 86.9 billion dollars.
The US is Taiwan’s second largest trading partner after China, as its transactions account for 12.6% of total trade and 10.2% of Taiwan’s imports.
In June, this pact already drew the ire of China, which criticized Washington for “giving the wrong signal to Taiwan’s separatist forces.”
Source: Panama America
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
