US President Joe Biden on Monday signed into law a bill that approves the first agreement negotiated under a bilateral trade initiative between Taiwan and the US, the White House said in a statement.
The United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act took effect immediately after Biden signed it, the statement said.
After a year of negotiations, Representative to the US Hsiao Bi-khim (蕭美琴) and American Institute in Taiwan Managing Director Ingrid Larson on June 1 signed an initial agreement under the US-Taiwan Initiative on 21st-Century Trade in Washington.
Photo: AP
The first agreement, which does not cover tariff reductions or exemptions, covers general principles related to customs and border procedures, regulatory practices and anti-corruption practices.
It is hoped that the principles will facilitate bilateral trade and investment flows in part by minimizing border formalities, setting standards for the regulation of domestic services, and supporting small and medium-sized enterprises.
On June 9, US Senate Senate Committee on Finance Chairman Ron Wyden and US House of Representatives Committee on Ways and Means Chairman Jason Smith proposed the bill backing the first agreement under the trade initiative.
The legislation requires the US president to report to the US Congress on how the first agreement with Taiwan would enhance Taiwan-US trade relations and advance the interests of US workers, consumers, enterprises and farmers.
The president must also certify in writing to Congress within 30 days of the agreement entering into force that Taiwan has taken the necessary measures to comply with the terms of the agreement.
The bill requires US officials to ensure that any additional agreements with Taiwan be made transparently and in full consultation with Congress.
In the White House statement, Biden voiced concern over a portion of the law.
In cases where the requirements of Section 7 of the act, which require the transmission of trade deal drafts to Congress, would “impermissibly infringe upon my constitutional authority to negotiate with a foreign partner, my administration will treat them as nonbinding,” he said.
The bill, which the Senate passed on July 18, cleared the House on June 21 and was then sent to the president on July 27 to be signed into law within 10 days after being signed by House Speaker Kevin McCarthy.
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