Technical consultations for Taiwan-US trade talks have been “largely finalized” and document exchanges are under way, Taiwan’s delegation to the APEC summit in South Korea said yesterday, marking progress in the protracted discussions.
Taiwan’s exports to the US are subject to a 20 percent tariff and while negotiations to reduce the rate are ongoing, no final agreement has been reached.
Semiconductors are excluded from the tariffs.
Photo courtesy of the APEC Taiwan media group
Taiwan’s top negotiator, Minister Without Portfolio Jenni Yang (楊珍妮), met with US Deputy Trade Representative Rick Switzer on Thursday, the delegation said.
The two exchanged views on key topics such as ways to deepen economic and trade relations between Taiwan and the US, the delegation added.
“Technical consultations for the Taiwan-US reciprocal trade negotiations have been largely finalized, with document exchanges currently under way,” they said. “Both sides reviewed the progress and expressed their shared anticipation for deeper collaboration to promote industrial growth and economic development for Taiwan and the US.”
The US Office of the Trade Representative did not immediately respond to a request for comment sent outside of Washington office hours.
Taiwan, which dominates the production of advanced semiconductors powering the artificial intelligence boom, has rejected a proposal floated by US Secretary of Commerce Howard Lutnick for a 50-50 split in making chips.
However, Taipei said it is considering forming a high-tech strategic partnership with Washington, which wants increased Taiwanese investment.
Taiwan, home to the world’s biggest contract chipmaker, Taiwan Semiconductor Manufacturing Co (台積電), runs a large trade surplus with the US.
APEC is one of the few international forums in which Taiwan is able to participate. However, it does not send its president to the summit to avoid problems with Beijing and host nations, none of which have formal diplomatic ties with Taipei.
The summit also serves as a venue for Taiwanese and US officials to talk.
National Science and Technology Council Minister Wu Cheng-wen (吳誠文) also met with US Under Secretary of State for Political Affairs Allison Hooker and US Assistant Secretary of State for East Asia and Pacific Affairs Michael DeSombre, the delegation said.
“Both sides discussed the importance of the Taiwan-US partnership, particularly in the context of ensuring peace and stability across the Taiwan Strait, and furthering shared economic prosperity,” it added.
Separately, Vice Premier Cheng Li-chiun (鄭麗君) said that Taiwan-US negotiations over tariffs are ongoing and “building consensus” through document exchanges, aiming to finalize an agreement after the APEC meeting.
The negotiations have been focused on supply chain cooperation, seeking tariff reductions that do not stack on top of existing most-favored-nation rates and preferential treatment for more than 232 tariff items, as well as striving for more favorable conditions for Taiwanese companies investing in the US, Cheng added.
Additional reporting by Sam Garcia and CNA
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