U.S., Taiwan to start formal trade talks under new initiative

Reuters:

TAIPEI, Aug 18 – The United States and Taiwan on Wednesday agreed to start trade talks under a new initiative, saying they wanted to reach agreements with “economically meaningful outcomes”, in another sign of stepped up U.S. support for the island.

Washington and Taipei unveiled the U.S.-Taiwan Initiative on 21st-Century Trade in June, just days after the Biden administration excluded the Chinese-claimed island from its Asia-focused economic plan designed to counter China’s growing influence.

The office of the U.S. Trade Representative said the two sides had “reached consensus on the negotiating mandate” and it was expected that the first round of talks will take place early this autumn.

“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.