Washington – The Office of the U.S. Trade Representative announced that they concluded negotiations on the first part of the U.S.-Taiwan Initiative on 21st Century Trade. The first agreement under the initiative covers the areas of customs administration and trade facilitation, good regulatory practices, services domestic regulation, anti corruption, and small and medium-sized enterprises.
USTR indicated that they will commence negotiations on additional trade areas set forth in the initiative’s negotiating mandate, which included digital trade and standards.
Last June, the Biden administration announced the launch of the economic and trade partnership between the U.S. and Taiwan to “advance and deepen the important U.S.-Taiwan economic and trade relationship.” The initiative seeks to reach agreements with high-standard commitments and economically meaningful outcomes in 11 trade areas. The outcomes announced today indicate some of these areas are still being negotiated.
The Computer & Communications Industry Association filed comments with the Office of the U.S. Trade Representative detailing recommendations on priorities for the U.S.-Taiwan Initiative on 21st-Century Trade.
The following can be attributed to CCIA Vice President of Digital Trade Jonathan McHale:
“CCIA congratulates parties for the success in concluding negotiations on important elements of the U.S-Taiwan Initiative on 21st Century Trade. The customs chapter stands to further facilitate trade in electronic-enabled commerce, including through new provisions on e-invoicing as well as long standing rules to reduce customs formalities, to the benefit of small sellers. Further, shared commitments to follow good regulatory practices will ensure regulatory environments in both markets can lead to mutually beneficial investment.
Looking ahead, CCIA encourages continued negotiations on the development of enforceable digital rules through the next stage of this initiative that will set a benchmark for trusted, resilient and open markets, to better serve consumers and businesses in both economies.”
