US business groups urges free trade talks with Taiwan

TAIPEI: The American Chamber of Commerce in Taiwan urged the United States to “urgently” begin negotiations with Taiwan on a free trade agreement with the goal of presenting a final text for passage in 2024, according to its annual policy paper issued on Wednesday (Jun 22).

As a significant display of solidarity for the Chinese-claimed island in the face of relentless diplomatic and military pressure from Beijing, Taiwan has long lobbied for such an agreement. There is a claim that it has shared democratic ideals with the United States.

The Biden administration omitted Taiwan from its Asia-focused economic strategy aimed to challenge China’s expanding influence, the Indo-Pacific Economic Framework, or IPEF, last month. Taiwan enjoys significant bipartisan backing in Congress and the Senate.

AmCham Taiwan urged the government to begin negotiations with Taiwan on a bilateral trade agreement (BTA) “immediately” so that a “finished text” may be offered for approval by Congress in 2024, according to AmCham Taiwan.

Related Posts

Taiwan’s main semiconductor industry’s economic and security consequences would be adequately addressed if other like-minded partners entered into similar agreements with Taiwan.

There are further benefits to a BTA, such as enhancing the security of both the US and Taiwan’s economies and, thus, the general safety of both countries against Chinese aggression.

It was highlighted, however, that the chamber, which has members from more than 500 foreign corporations, expressed concern about the lack of movement on such an agreement.

“No strong evidence” that the Biden administration is contemplating a BTA in the short future, Chamber President Andrew Wylegala told reporters in Taipei, although one may emerge later.

To that end, he went on to say that he “would put Taiwan in that small and rare group of partners that the US would consider” as very attractive to lure into an FTA.

A new US-Taiwan Initiative on 21st-Century Trade will see high-level trade negotiations between the two countries in Washington, D.C., at the end of this month.

Katherine S

1/4 German, 3/4 Malaysian. I write, follow and monitor closely political news happening in Malaysia, and other happening news in the ASEAN region. Newswriter for the best ASEAN news website - The Asian Affairs.

Recent Posts

Vietnam International Defense Expo 2024

The 2024 Vietnam International Defense Expo was inaugurated by the Prime Minister Pham Minh Chinh on December 19, 2024 and…

December 22, 2024

Shooting concludes: Stranger Things 5 to release on Netflix in 2025

Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…

December 21, 2024

China’s Hypersonic Expansion in Asia Raises Alarms for India

According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…

December 21, 2024

Melaka International Halal Festival 2024

The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…

December 21, 2024

Chunichi Dragons Renews the Contract of Hiroto Takahashi with Annual Salary of 120 million yen

On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…

December 21, 2024

Biden-Harris administration cancels another $4.28 billion in US student loans

US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…

December 20, 2024

This website uses cookies.

Read More