At the Cabinet's weekly meeting Thursday, Premier Su Tseng-chang said that formal trade negotiations have begun under the U.S.-Taiwan Initiative on 21st-Century Trade, signifying a groundbreaking development in Taiwan-U.S. economic and trade relations, and bolstering international investors' confidence in Taiwan. The premier hopes these negotiations will bring great business opportunities to Taiwanese industries, and is optimistic that all relevant agencies will cooperate to soon achieve the signing of a bilateral agreement.
The negotiations are also demonstrating the importance Taiwan places on environmental protections and labor rights, the premier continued, which will reinforce our bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and enlarge our international presence. In addition, Taiwan-U.S. economic cooperation will strengthen our resilience against possible economic threats from third parties.
Through these negotiations, the government also hopes to unlock better commercial prospects for Taiwanese industries—broadening export opportunities for Taiwan's agricultural products, helping small and medium-sized enterprises (SMEs) expand their international markets, advancing the capabilities of Taiwan's digital economy, and boosting export opportunities for service industries.
According to the Executive Yuan's Office of Trade Negotiations, the scope of negotiations will have four objectives: enhance the nation's overall economic capabilities; boost investment and trade between Taiwan and the U.S.; further institutionalize Taiwan's links with other countries; and reinforce the market economy system in order to facilitate bilateral cooperation while building Taiwan's ability to face nonmarket policies and actions.
Additionally, Taiwan and the U.S. agreed to focus on providing assistance to women, disadvantaged groups and SMEs through cooperation, which will not only conform to Taiwan's core values of diversity, equality and inclusiveness, but also reflect international corporate trends such as environmental protection, social responsibility and corporate governance.
Sources: Executive Yuan
