The United States hopes the compact will “deepen our trade and investment relationship, advance mutual business priorities based on shared values, and foster innovation and inclusive economic growth for our workers and businesses,” Bianchi said. .
The two sides officially launched the US-Taiwanese 21st Century Trade Initiative in early June, and Bianchi and Taiwan chief trade negotiator John Deng has already held a series of high-level talks in Washington in late July. .
However, after China’s harsh reaction to the Speaker of the House Nancy PelosiDuring his visit to Taiwan, US officials recommitted themselves to the initiative and promised to present an “ambitious roadmap” for the negotiations.
The negotiating mandate released by the Office of the US Trade Representative on Wednesday is consistent with previous statements on expected areas of negotiation. The two sides agreed not to discuss possible tariff cuts, a politically sensitive issue in the United States, but will seek agreements in areas such as agriculture, customs procedures, regulations, anti-corruption and small and medium enterprises.
Other areas to be negotiated include labor and environmental protection, digital trade rules and the operation of state-owned enterprises. The United States, through the Taiwan negotiations and separate talks with 13 other countries on the draft Indo-Pacific Economic Framework, hopes to pressure China by raising trade standards in the region.