US-Taiwan Initiative On 21st Century Trade Deal Enters Into Force

TAIPEI (dpa-AFX) - The first agreement under the U.S.-Taiwan Initiative on 21st Century Trade has entered into force Tuesday.

The agreement, which was signed on June 1, 2023 by representatives of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States, includes commitments on anti-corruption, good regulatory practices, services domestic regulation, customs administration and trade facilitation, and small and medium-sized enterprises.

In accordance with the provisions of the United States-Taiwan Initiative on 21st Century Trade Implementation Act, USTR had submitted a certification to Congress stating that Taiwan has taken the measures to comply with its obligations under the agreement.

Since the signing of the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade in June 2023, the United States and Taiwan have been making progress on a second agreement addressing additional trade areas, including labor, environment, and agriculture. Those negotiations are ongoing.

'We thank our Taiwan partners for helping us reach this important milestone. The entry into force of the first agreement under our 21st Century Trade Initiative represents an important step forward in strengthening the U.S.-Taiwan economic and trade relationship,' said United States Trade Representative Katherine Tai.

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