An initial agreement reached under the US-Taiwan Initiative on 21st-Century Trade was unanimously approved by six legislative committees at an extraordinary session yesterday.
On June 1, Taiwan and the US signed the first set of terms under the initiative, covering general principles related to customs and border procedures, regulatory practices and small businesses, which the two sides hope would facilitate bilateral trade and investment.
Under the agreement, which does not cover tariff reductions or exemptions, Taiwan and the US committed to facilitate bilateral trade and investment flows, promote anti-corruption measures, minimize unnecessary border formalities and encourage the development of small and medium-sized enterprises.
Photo: Wang Yi-sung, Taipei Times
It also stipulated the establishment of a “foundation” to enable both sides to address trade and investment challenges and opportunities.
The Legislative Yuan, which is holding an extraordinary session from Monday last week to Monday next week, completed committee discussions and a review of the agreement on Thursday last week.
Lawmakers yesterday approved the agreement at a joint meeting of six legislative committees, including the Economics, Internal Administration and Finance committees. It is now to be submitted to the full legislature for consideration.
Democratic Progressive Party caucus convener Ker Chien-ming (柯建銘) said the US-Taiwan Initiative on 21st-Century Trade is important because it is good for the country, relations between the two sides and national development.
The legislature approved a proposal by Chinese Nationalist Party (KMT) lawmakers that called on the Cabinet and government agencies to get feedback from legislators, experts and stakeholders before reaching an agreement on the remaining items under discussion.
As the initiative would henceforth focus on more sensitive topics, such as labor, environmental and agricultural issues, the Cabinet should make the details of discussions on those issues public, while taking into consideration the opinions of lawmakers, KMT caucus whip William Tseng (曾銘宗) said.
The aim is to make the deal more complete and beneficial to local businesses and Taiwan’s economic development, he said.
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