1st agreement under US-Taiwan Initiative on 21st Century Trade signed

The agreement intends to strengthen and deepen bilateral economic and trade ties.

“We thank our Taiwan partners for helping us reach this important milestone and look forward to upcoming negotiations on additional trade areas set forth in the initiative’s negotiating mandate,” USTR spokesperson Sam Michel said in a statement.

The negotiated text on good regulatory practices creates improved transparency tools and mechanisms that will help small and medium enterprises (SMEs) better understand regulatory procedures in both the US and Taiwan markets.

The text on SMEs will encourage SME trade and investment opportunities between both sides through training programmes, trade education, trade finance, trade missions and improving SME access to capital and credit.

It encourages that the SME dialogues include SMEs owned by diverse, underserved and underrepresented groups.

The negotiated text on customs administration and trade facilitation will streamline border procedures and reduce red tape, making it easier, faster and cheaper for American businesses to bring their products to Taiwan and Taiwanese customers.

Customs forms can be submitted electronically and will allow border agencies to accept electronic payment of duties, taxes and fees. Reducing wait times for idling vessels and trucks will also lower greenhouse gas emissions and reduce spoilage, especially of perishable goods, Michel said.

The text on anti-corruption commits the sides to establish comprehensive measures against graft. Building on the anti-corruption framework established in the United States-Mexico-Canada Agreement, this chapter addresses money laundering, denial of entry for foreign public officials, the recovery of proceeds of corruption and enhanced protections for corruption whistleblowers.

Fibre2Fashion News Desk (DS)