US, Taiwan reach deal on first part of ’21st Century’ trade pact

US, Taiwan reach deal on first part of '21st Century' trade pact

WASHINGTON: The US and Taiwan reached agreement on the first part of their “21st Century” trade initiative covering customs and trade facilitation, regulatory practices, and small business, the USTrade Representative’s office said on Thursday (May 18).

After the initial agreement of the US-Taiwan Initiative on 21st Century Trade is signed, negotiations will commence on other trade areas including agriculture, digital trade, labour and environmental standards, state-owned enterprises and non-market policies and practices, USTR said.

US Trade Representative Katherine Tai said in a statement the deal strengthens US-Taiwan relations and demonstrates that they can work together to advance trade priorities for their populations.

“We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles 21st Century economic challenges,” Tai said.