Taiwan-US economic negotiations lead to five-year agreement

November 21st – Economic cooperation negotiations between the United States and Taiwan led to a five-year agreement.

Countries have signed a five-year memorandum of understanding that includes efforts to strengthen relationships in the healthcare, semiconductors, 5G infrastructure and energy sectors, in addition to supply chain security.

The parties also agreed to establish a working group on global health security, science and technology, women’s economic empowerment and infrastructure, among others.

The talks, called “The First Prosperous Partnership Dialogue between the United States and Taiwan,” were effectively partly held directly in Washington, DC.

Taiwanese President Tsai Ing-wen said the dialogue was “a great success.” Twitter post.. “Thanks to all those involved for bringing #Taiwan and #US closer together and strengthening the economy during the times of trials. We will continue to work together to build a richer world.”

Taiwan’s Deputy Minister of Economy Chen Chern-Chyi “CC” Chen led the delegation to a DC meeting.

Other delegations, including Minister of Non-Profit, John Den of Finance and Economy, and Minister of Economy Wang Mika, attended the video conference from Taipei.

Under the Under Secretary of Economic Growth, Energy and the Environment, Keith Clark led a delegation of the United States.

Mr Chen praised Taiwan’s technological achievements and said he hopes both sides will work together.

The dialogue did not advance Taiwan’s hopes for a bilateral trade agreement, officials said.

Economic dialogue is part of expanding relations between the Trump administration and Taiwan, including Clach’s visit to Taipei in September, bringing billions of dollars to potential arms sales, and China defending the United States. He said he would sanction the contractor.

Natasha Qassam, a researcher at the Raleigh Institute, said it was not surprising that trade negotiations were not discussed, but “even a symbol of these high-level economic negotiations and the resulting memorandum. It’s worth it. “

Mr. Deng said the focus is on strategic cooperation in the semiconductor industry, which could benefit both economies.

Wang added that the investment in the United States by Taiwan Semiconductor Manufacturing, the world’s largest contract chip maker, laid the foundation for bilateral cooperation.

Regarding global health, Taiwan agreed to share its protective equipment expertise, and said the United States would contribute to its strengths in medical research and vaccine research and development.

On women’s economic empowerment, both sides have agreed to combine the efforts of the United States, which is already involved in initiatives in Latin America, with the Caribbean and Taiwan, which are involved in programs in the Indo-Pacific region.

The parties also agreed to establish a task force on economic cooperation.

They also discussed cooperating in infrastructure development in the Indo-Pacific region.

Taiwan-US economic negotiations lead to five-year agreement

Source link Taiwan-US economic negotiations lead to five-year agreement

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