The US and Taiwan have started formal negotiations on a bilateral trade initiative to deepen economic ties, in a move likely to inflame already high tensions with China. Know more:
The US and Taiwan have started formal negotiations on a bilateral trade initiative to deepen economic ties, in a move likely to inflame already high tensions with China.
Separately, Taiwan’s Office of Trade Negotiations said in a statement that it aimed to bolster the island’s economy by promoting trade of its agricultural products and helping small and medium-sized enterprises expand to US markets. Taipei also wants to increase international investor confidence in Taiwan and allow the island to “attract funds and technologies from the US and the world.”
That initiative has been criticized by trade advocates as offering little in terms of specifics on issues such as market access or lower tariffs, though it’s been welcomed as a sign of American engagement in Indo-Pacific. “We will continue to take steps that are resolute but also calm to uphold peace and stability in the face of Beijing’s ongoing efforts to undermine the status quo,” he said. The drills held by China shrank a vaguely defined buffer zone that has long helped keep the peace around Taiwan.
Taiwan’s position as the world’s leading supplier of semiconductors is a linchpin of its economic relationship with the US, China and other nations, making the island a strategic asset for countries seeking cutting-edge chips technology. Other electronics and machinery are also major exports, along with information and communications tech.
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