U.S - Taiwan Initiative on 21st Century Trade - Aspirant Learning

Taiwan and the USA are in talks to launch U.S – Taiwan Initiative on 21st Century Trade.

Aim – The initiative would aim to “reach an agreement with high standard commitments that create inclusive and durable prosperity”.
The agreement deals with issues that include customs facilitation, fighting corruption, common standards on digital trade, labour rights, high environmental standards, and efforts to curb state owned enterprises and non market practices.
The bilateral initiative largely parallels to USA’s Indo Pacific Economic Framework (IPEF), an economic partnership with 13 Asian countries in which Taiwan was not an invite
The announcement came after a virtual meeting between Deputy U.S. Trade Representative Sarah Bianchi and Taiwan’s chief trade negotiator John Deng.
What is Taiwan’s Hope?
- They hoped there would be an opportunity to seal a free trade deal Taiwan has long sought with the U.S

Taiwan and the USA are in talks to launch U.S – Taiwan Initiative on 21st Century Trade just days after President Joe Biden launched an economic plan for Asia intended to push back on China that excluded the Chinese claimed island
The effort is being hailed as a “historic breakthrough” for Taiwan, as it creates additional opportunities for trade and economic cooperation with the United States.
It contains key features of a regional trade agreement, which might pave the way for the “much anticipated” bilateral trade pact between Taiwan and the United States to be signed soon.

Taiwan locate at the junction of East and South China Seas in the northwestern Pacific Ocean
Capital -Taipei
Borders
- Northwest – People Republic of China
- Northeast – Japan
- South – Philippines
The Taiwan controls 168 islands, including Taiwan Island, which was previously known as Formosa.

Content Source : The Hindu

U.S – Taiwan Initiative on 21st Century Trade