🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Bipartisan support for Taiwan gives hope for free trade deal, U.S. business group says

Published 06/06/2024, 03:13 AM
Updated 06/06/2024, 03:35 AM
© Reuters. AmCham Taiwan Chairperson Dan Silver and President Patrick P. Lin pose for pictures during a press conference in Taipei, Taiwan June 6, 2024. REUTERS/Ben Blanchard

TAIPEI (Reuters) - The high level of bipartisan political support for Taiwan in the United States gives hope eventually a free trade deal could be signed, especially given progress on current talks, the American Chamber of Commerce in Taiwan's chairman said on Thursday.

Taiwan, a major semiconductor producer, has long campaigned for such a deal, in what would be a strong show of support for the Chinese-claimed island in the face of unrelenting diplomatic and military pressure from Beijing. It says it is a reliable partner for the United States with shared democratic values.

While Taiwan was in 2022 excluded from the Biden administration's Asia-focused economic plan designed to counter China's growing influence, the Indo-Pacific Economic Framework, or IPEF, Washington instead began talks with Taiwan under the "21st Century" trade initiative.

Speaking at the release of its annual White Paper, the American Chamber of Commerce in Taiwan's chairman, Dan Silver, said a significant portion of the building blocks for a free trade deal will already be formally agreed upon if the "21st Century" agreement is completed.

"The question will then become one of political will. And we can see through the USTR's priorities for 2024 released in the first quarter that Taiwan is very high on the agenda," he added, referring to the United States Trade Representative.

"Our belief is that we know bilateral trade agreements in general do not have the level of support in Washington they once did; we also are aware that there are few places that have a higher level of bipartisan support than Taiwan," said Silver, whose body represents more than 570 companies.

"And our view is that with the '21st Century' initiative on its way to completion, with the strong bipartisan support for Taiwan in Congress, there is a prospect that a bilateral trade agreement could be in the offing sometime in the future."

© Reuters. AmCham Taiwan Chairperson Dan Silver and President Patrick P. Lin pose for pictures during a press conference in Taipei, Taiwan June 6, 2024. REUTERS/Ben Blanchard

Beijing has denounced the "21st Century" trade talks as it does with all forms of high level engagement between the United States and Taiwan, which do not have formal diplomatic ties.

Taiwan strongly rejects China's sovereignty claims.

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.