Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

U.S., Taiwan Trade Talks to Formally Begin This Fall

Published 08/17/2022, 09:21 PM
Updated 08/17/2022, 09:28 PM
2317
-

By Ambar Warrick 

Investing.com-- The United States and Taiwan are set to begin formal negotiations over an initiative to expand trade ties between the two countries, Washington said late Wednesday.

The Office of the United States Trade Representative said in a press release that the first round of negotiations will start early this fall. 

The negotiations come under the recently unveiled U.S.-Taiwan Initiative on 21st-Century Trade, which intends to bolster trade between the two countries. The initiative was announced in June. 

“We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” Deputy United States Trade Representative Sarah Bianchi said in a statement. 

The two countries have set an agenda for the negotiations, which will cover the facilitation of trade, regulatory practices, agriculture, and labor rights, among other topics. But the agenda did not include discussions over a free trade agreement. 

The announcement comes just a few weeks after U.S. House of Representatives Speaker Nancy Pelosi visited the east Asian island - a move that drove U.S.-China relations to a new low.  

China had responded to the visit with military drills along the Taiwan strait. Beijing has opposed the building of any formal diplomatic ties between the United States and Taiwan, which it claims is part of its territory.

But while the United States does not hold any formal diplomatic ties with Taiwan, it has sought to support the island in rejecting Beijing’s claim. 

Washington had recently also outlined an economic plan aimed at combating China's influence in Asia. But the plan had excluded Taiwan. The East Asian island - through Hon Hai Technology Co (TW:2317), or Foxconn -  is one of the largest exporters of semiconductors in the world, and is a key source of chips and electronic components for U.S. firms.

 
 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.