By Caribbean News Global
USA / TAIWAN — There is a high probability that US – Taiwan bilateral trade agreements could soon be announced, as signaled by US Secretary of State Antony Blinken on Monday, speaking at the House Foreign Affairs Committee hearing over the State Department’s annual budget allocation.
As reported, secretary Blinken was asked about the Biden administration’s position on a bilateral trade agreement with Taiwan.
I’d have to refer you to Katherine Tai, the US Trade Representative, but I know we are engaged in conversations with Taiwan, or soon will be, on some kind of framework agreement, and those conversations should be starting.” ~ Secretary Blinken.
Moreover, “Bonnie Glaser, a Taiwan expert at the German Marshall Fund of the United States, said Blinken’s comment was a signal Washington was likely to move forward with a resumption of Trade Investment Framework Talks (TIFA) with Taiwan that have not been held since the Obama administration.”
Caribbean News Global (CNG) on Tuesday stated, “#SelectUSASummit networking meetings is a win-win for Taiwan” currently taking place June 7-11 of which Taiwan is a major participant.
“#Boosting trade between the US – Taiwan is the step forward. In addition, #What’s good for Taiwan is good for the US; knowing that # Trade between the US – Taiwan is a win-win.”
Last week, a bipartisan congressional delegation meet with senior Taiwan leaders to discuss US – Taiwan relations, regional security, and other significant issues of mutual interest.
Meanwhile, a June 9 article titled, “Strengthening US – Taiwan bilateral trade agreements” noted the importance to continue strengthening bilateral trade relationships.
On April 21, 2021, president Tsai Ing-wen said, “Our economic partnership can also be strengthened further by resuming talks under the Trade and Investment Framework Agreement (TIFA) to lay the foundation for our BTA negotiations.
Taiwan has expressed its willingness to join, The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a free trade agreement between 11 countries include: Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The Economic Prosperity Network (EPN), [discussions started in March 2020] an alliance of countries committed to fair and mutually beneficial trade practices, with the United States was formed in the wake of the COVID-19 pandemic, which was seen to disrupt global supply chains.
Strengthen economic ties and expanding business partnerships between the two nations; Taiwan is appropriately positioned and highly favoured to be a member of EPN and thereby, strengthen US – Taiwan supply chains and global commerce.
In a statement following the release of the Biden-Harris administration 100-day supply chain review, secretary of commerce Gina M. Raimondo, said: “Semiconductors are the building blocks that underpin so much of our economy and are essential to our national security, our economic competitiveness, and our daily lives. The United States is facing two related crises in supply chains for these critical goods – a short-term shortage and a long-term challenge to US leadership across the semiconductor supply chain and customer base. Addressing both challenges has been a priority of the Biden-Harris administration from day one.”
On the passage of the US innovation and competition act, secretary of commerce Raimondo, said: “Over the past three months, I have heard from dozens of stakeholders at every level of the semiconductor supply chain and customer base that we need smart, strategic investments to shore up our domestic supply chain and bolster US leadership — and we need them now.”
Speaking at the @SelectUSA Investment Summit June 8, secretary Blinken, said: “The Biden administration has laid out an ambitious agenda for once-in-a-generation investments in American workers, families, and infrastructure. This is an ideal time to bring your business and investments to the US,” he added. “The US is the top destination for foreign investment. The world’s largest market for goods and services and a long-standing culture of innovation and entrepreneurship. The economy is built on principles of fairness and a level playing field … that includes strong protections for intellectual property.”
“We value honest competition,” he said, “ when you invest in the United States you don’t need to worry that your innovation will be stolen or imitated elsewhere.”
In keeping with US – Taiwan trade relations, secretary Blinken comments are valuable to #Boosting trade between the US – Taiwan is the step forward. This is also central to Taiwan’s core principles of democracy, entrepreneurial development and economic investment.
I was delighted to speak at the @SelectUSA Investment Summit. The Administration has laid out an ambitious agenda for once-in-a-generation investments in American workers, families, and infrastructure. This is an ideal time to bring your business and investments to the U.S. pic.twitter.com/40LUJIUfVu
— Secretary Antony Blinken (@SecBlinken) June 8, 2021
And considering that, “foreign investment supports more than seven million jobs across the United States”, secretary Blinken affirmed, “this is an ideal time to bring your business and your investment to the United States”, adding, “we’ve learned over the past year and a half how critical supply-chain resiliency is – both to the bottom line of individual firms and to the safety and security of our people.”
The US has also introduced “new legislative initiatives, such as the CHIPS Act for semiconductors, to provide massive government investment in key areas of production”, secretary Blinken told the @SelectUSA Investment Summit. “This is a huge opportunity for foreign supplies to gain access to one of the largest most stable markets in the world and to grow your business.”
US – Taiwan trade relations and the potential to sign major bilateral trade and framework agreements are on the correct path, much to the chagrin of major trading partners. However, “in a time of growing uncertainty and potential instability” #Trade between the US – Taiwan is a win-win.