Taiwan and the US have established a new bilateral cooperation framework to develop commercial programs and strengthen critical technology supply chains.
Called the Technology Trade and Investment Collaboration (TTIC), it is also to focus on promoting a two-way investment environment, studying industry trends, and exploring new opportunities and investment in the US market, a US Department of Commerce news release said.
The two sides are to designate representatives at the bureau level to plan and convene the first meeting of the TTIC in the coming months, the statement said, while providing few other details about the framework’s functions.
Photo: screen grab from Twitter
Taiwan and the US already communicate on economic issues through two other high-level bilateral economic dialogue platforms — the Trade and Investment Framework Agreement and the US-Taiwan Economic Prosperity Partnership Dialogue.
The forming of the mechanism was announced during an online meeting between Minister of Economic Affairs Wang Mei-hua (王美花) and US Secretary of Commerce Gina Raimondo early yesterday.
During the meeting, Raimondo reiterated Washington’s support for Taipei, and the importance of the bilateral US-Taiwan commercial and investment relationship.
She also expressed the US’ continued interest in working together with Taiwan on issues of common commercial concern, particularly in the area of semiconductor supply chains and related ecosystems, the statement said.
The US has repeatedly pressed Taiwan, as a major chip producer, to do more to help resolve a global shortage of semiconductors, which has shuttered some auto production lines and impacted consumer goods.
Taiwan says it is doing all it can to help.
Taiwan and the US are long-term and reliable supply chain partners, Wang said.
The new framework would help Taiwanese and US companies work closer to promote two-way investment and trade to further deepen the already strong relations between the two nations, Wang was quoted as saying in a statement.
Taiwan also hopes to further work with the US on infrastructure in third nations and in helping Taiwanese firms participate in US President Joe Biden’s “Build Back Better” plan, she said.
Additional reporting by Reuters
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from