TAIPEI, Taiwan—The United States and Taiwan have agreed to a new trade initiative after the island is excluded from the new Indo-Pacific Economic Framework that President Joe Biden launched in May.
The new agreement, formally called the U.S.-Taiwan Initiative on the 21st-Century Trade, was announced following a virtual meeting between Deputy U.S. Trade Representative Sarah Bianchi and Taiwan’s top trade negotiator John Deng on June 1, according to a press conference held in Taipei on June 1.
Calling the initiative “a historic breakthrough in Taiwan-U.S. economic and trade development,” Deng said that it will pave the way for trade negotiations with the United States, potentially leading to a bilateral free trade agreement. He added that the initiative will help Taiwan build up economic ties with other governments in the world….
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