An agreement reached on Thursday between Taiwan and the US to lower tariffs on Taiwanese goods would benefit local non-tech industries by “leveling the playing field” with major trade competitors, President William Lai (賴清德) said yesterday.
“Japan and South Korea had free trade agreements or quasi-free trade agreements with the US, giving Japanese and South Korean goods an advantage over Taiwanese goods,” Lai told reporters in Taichung.
“But now, the playing field is level. This actually provides a great opportunity for Taiwanese traditional industries exporting to the US,” he said.
Photo: Tsai Shu-yuan, Taipei Times
No formal trade deal has yet been signed, with Taiwanese officials hoping it will be concluded in the coming weeks.
Once signed, the new tariff rate of 15 percent, down from the previously imposed 20 percent, would match the US rates on goods from major trade partners such as Japan, South Korea and the EU.
The two sides also signed a memorandum of understanding (MOU) on investment commitments made by Taiwan to invest more in the US’ semiconductor and technology sectors.
As part of the consensus reached during the negotiations, the US government has agreed to help Taiwanese businesses acquire land, and access utilities and infrastructure, making it easier for them to integrate into the US economy, Lai said.
“Not only will there be a ‘Taiwanese national team’ for US investment, there will also be a ‘US national team’ investing in Taiwan,” Lai said, referring to the MOU.
Taiwan would facilitate US investment in the Taiwanese semiconductor, artificial intelligence, defense and biotechnology sectors to expand market access for US companies, according to the US Department of Commerce, although it did not outline specific commitments in the MOU by the US to invest more in Taiwan.
Because any formal trade deal reached with the US must be approved by the legislature, where opposition parties hold a combined majority, Lai called for nonpartisan support from lawmakers when reviewing the pact.
Under the Conclusion of Treaties Act (條約締結法), once a treaty has been signed, the Cabinet must submit it within 30 days to the legislature for deliberations.
The legislature can then retain or revise the clauses, in which case the treaty must be renegotiated with the other signatory.
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