Strong bipartisan support for Taiwan within the United States is raising hopes for a potential free trade agreement between the two nations, as progress continues on current trade discussions, according to the American Chamber of Commerce in Taiwan (AmCham Taiwan).
At a press conference on Thursday, Dan Silver, Chairman of AmCham Taiwan, expressed optimism about the possibility of a free trade deal. “Given the current momentum and the substantial progress made in ongoing talks, we believe a formal agreement could be on the horizon,” Silver stated. Taiwan, a leading player in the semiconductor industry, has long advocated for a free trade agreement with the U.S., viewing it as a significant step toward deepening economic ties and supporting shared democratic values.
While Taiwan was notably absent from the Biden administration's Indo-Pacific Economic Framework (IPEF) in 2022, designed to counter regional economic influences, the U.S. initiated the "21st Century" trade initiative with Taiwan. This move has laid the groundwork for stronger bilateral trade relations.
Unveiling AmCham Taiwan's annual White Paper, Silver highlighted that many foundational elements necessary for a free trade agreement are being addressed through the "21st Century" trade discussions. He noted, "The question will become one of political will. Taiwan's prominence on the U.S. Trade Representative's agenda for 2024 indicates a strong focus on advancing these ties."
Silver emphasized the unique position of Taiwan in garnering bipartisan support in Washington, despite the general decline in backing for bilateral trade agreements. "There are few areas with as robust bipartisan backing as Taiwan. With the advancement of the '21st Century' initiative and the solid support in Congress, we see a promising future for a bilateral trade agreement."
Taiwan's role as a reliable economic partner and its commitment to democratic principles continue to underscore the importance of enhancing trade relations. As discussions under the "21st Century" trade initiative progress, there is growing confidence in the potential for a formal free trade agreement that could significantly benefit both nations.
Beijing has criticized these trade discussions, as it often does with high-level U.S.-Taiwan engagements. However, Taiwan remains firm in its stance, rejecting external sovereignty claims and continuing to pursue stronger international economic partnerships.
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