The Office of the US Trade Representative (USTR) on Monday said that upcoming negotiations with Taiwan could lead to an early harvest agreement between the two countries.
The negotiations would cover a wide range of topics, including measures to counter corruption, small and medium-sized enterprises, regulatory practices, domestic regulations of services and trade facilitation, a senior USTR official said.
In a background briefing on the second round of negotiations under the US-Taiwan Initiative on 21st-Century Trade, which is scheduled to start next week, the official said that although reaching a consensus would take time, there is great excitement about the talks in the US and Taiwan.
The US side wants to “move forward as quickly as possible,” he said
“I will also not rule out the possibility of an early harvest agreement,” he said, adding that there is no timetable for when the agreement could be reached.
The talks would be held in Taiwan from today to Tuesday, he said.
A team of negotiators from several agencies led by Office of Trade Negotiations Deputy Trade Representative Yang Jen-ni (楊珍妮) is to receive the US delegation led by US Assistant Trade Representative Terry McCartin.
The US official said the negotiations would be text based, adding that the US negotiators have consulted with members of the US Congress and a wide range of stakeholders.
The US delegation would also meet with stakeholders in Taipei, he added.
‘MAJOR PARTNER’
Commenting on China’s concerns over the Taiwan-US trade talks, the official said Washington has long-term economic and trade ties with Taiwan, calling it one of the US’ major trading partners.
He said Washington has over the past few years held regular talks with Taiwanese officials, including on bilateral trade and a the possibility of an investment framework agreement.
“In any event, once fully completed, the US-Taiwan Initiative on 21st-Century Trade, we believe, will be a foundational pillar of the ... new approach to trade policy” by the administration of US President Joe Biden, the official said.
The trade initiative, which was unveiled on June 1 last year-on-year, defines 11 focus areas, including trade facilitation, regulatory practices, standards, state-owned enterprises, and nonmarket policies and practices.
The first round of talks was held in New York on Nov. 8 and 9 last year.
Biden announced the format after Taiwan was excluded from the Indo-Pacific Economic Framework, a US-led multilateral partnership involving 12 other countries that has been touted as a counterweight to China’s ambitions in the region.
While it has been announced as a roadmap for a trade deal, the initiative does not cover tariffs, a topic that is most commonly covered by such state-to-state talks.
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