Industry groups urge Legislature to expedite Taiwan-U.S. trade deal review

Taipei, Feb. 13 (CNA) Seven of Taiwan's leading industry and commerce groups released a joint statement on Friday urging the Legislature to expedite its review of the "reciprocal" trade agreement signed in Washington D.C. on Thursday (U.S. time) by Taiwan and the United States.

The groups include the Chinese National Federation of Industries, the Chinese National Association of Industry and Commerce, Taiwan (CNAIC), the National Association of Small and Medium Enterprises, and the Taiwan Federation of Industry.

The Manufacturers United General Association of Industrial Parks, the Taiwan Electrical and Electronic Manufacturers' Association, and the Taiwan Chamber of Commerce & Industry also joined in issuing the statement praising the deal.

• President Lai touts benefits of Taiwan-U.S. trade deal

• Taiwan signs trade deal with U.S. to cut tariffs, open markets (update)

The statement said that the sooner the details of the agreement are reviewed and passed into law, the quicker local companies can design their global market strategies.

It added that the sooner the review is completed, the more Taiwan will benefit from the deal and the lower the risk that the U.S. could restructure its provisions or introduce amendments, urging lawmakers from all parties to expedite their deliberations once the deal is submitted to the Legislature for review by the Cabinet.

The groups referenced the delay of the South Korean Legislature in enacting that country's trade deal with the U.S., which prompted U.S. President Donald Trump to announce a possible increase on the previously agreed-upon 15 percent tariffs.

The Taiwan-U.S. trade agreement caps U.S. tariffs on Taiwanese goods at 15 percent and granted preferential market access to U.S. industrial and agricultural exports, including automobiles, beef and pork.