The United States and Taiwan have agreed to start formal talks on a trade pact, the governments of both countries said, a decision that comes amid rising tensions with China.
The negotiations on a new economic pact will begin early this fall, according to a statement from the Office of the U.S. Trade Representative, and will cover 11 different subject areas, including trade facilitation, regulatory practices, anticorruption, agriculture, digital trade, labor environment and state-owned enterprises.
Deputy U.S. Trade Representative Sarah Bianchi said in the statement the negotiations between Washington and Taipei would “deepen our trade and investment relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses.”
A statement from Taiwan’s Office of Trade Negotiations said that the talks would aim not only to strengthen investment and trade between the U.S. and Taiwan but also to bolster the island’s overall economic strength and increase its participation in international pacts.
Taiwan’s trade minister, John Deng, told reporters during a news conference on Thursday that the two countries would discuss how to address China’s “economic coercion,” according to CNN.
Source: The Hill