U.S. to deepen trade and economic relations with Taiwan: Report

Washington, March 1 (CNA) The Office of the United States Trade Representative (USTR) on Friday released President Biden's 2024 Trade Policy Agenda and 2023 Annual Report to Congress, which includes passages on the deepening of trade and economic relations with Taiwan.

According to the report, the two sides will continue holding follow-up negotiations on the Taiwan-U.S. 21st Century Trade Initiative, which was launched in 2022 under the auspices of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the U.S.

The U.S.-Taiwan initiative, the report said, "is intended to develop concrete ways to deepen the economic and trade relationship between the two economies, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for workers and businesses."

In June 2023, the two countries signed the first agreement as part of the initiative, including customs administration and trade facilitation, good regulatory practices, services domestic regulation, anticorruption, and small and medium-sized enterprises.

"The U.S. places a high priority on partnering with Taiwan to further deepen and strengthen our trade and investment relationship," the report explained.

The two sides will continue negotiating a second agreement covering other economically significant areas, it said, noting that both sides had already begun holding discussions covering other trade areas.

These discussions included an in-person negotiating round in August last year that "focused on the areas of agriculture, labor, and environment as well as subsequent virtual meetings," the report added.