Taiwan pledges US$10 billion in U.S. farm product purchases over four years

Washington, Sept. 17 (CNA) A Taiwan agricultural trade mission on Wednesday signed three letters of intent with United States agricultural industry associations to purchase more than US$10 billion worth of American farm products over the next four years.

At the signing ceremony on Capitol Hill, Agriculture Minister Chen Junne-jih (陳駿季) said Taiwan imported more than US$3.7 billion in American agricultural products last year, including US$1.9 billion in soybeans, corn, wheat and beef.

He added that Taiwan's biennial agricultural trade goodwill mission has historically pledged about US$1.9 billion in purchases annually, but this year the amount was raised to US$2.5 billion -- a 25 percent increase.

"Today, we are taking our partnership to the next level. We are proud to sign letters of intent and announce our commitment to purchase more than US$10 billion in soybeans, corn, wheat and beef over the next four years," he said.

"This is a true win-win relationship: Taiwanese consumers enjoy the best of American products, while U.S. farmers and exporters also benefit from a stable market," Chen added.

Attending the same ceremony, Taiwan's representative to the U.S. Alexander Yui (俞大㵢) said this relationship between Taipei and Washington is not only about feeding Taiwanese people daily, but also about security.

"We need to have a strategic supply for rainy days because of what's happening in the Taiwan Strait," he said. "Buying from a friend makes all the sense in the world -- not only food, but also energy and other defense-related equipment."

Following the ceremony, Chen said the delegation, made up of major Taiwanese food companies and agricultural groups, will split into three teams to visit eight U.S. states.

The soybean and corn group will tour Arkansas, Ohio and Indiana; the wheat group will travel to South Dakota, Montana and Idaho; and the beef group will head to Florida and Texas. Each will meet with local politicians, farmers' associations and exporters to explore further cooperation.

This year marks the 15th such "agricultural trade goodwill mission" since 1998. The biennial missions are part of Taiwan's effort to balance trade with the U.S., as well as ease trade frictions and avert tariff increases on Taiwanese exports, Foreign Minister Lin Chia-lung (林佳龍) said in March.