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US And Taiwan Announce Formalized Bilateral Trade Talks
FILE PHOTO: Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone Siu/File Photo

US And Taiwan Announce Formalized Bilateral Trade Talks

An announcement by the US has revealed that they will begin formal trade negotiations with Taiwan. The announcement comes just weeks after a controversial visit to the country by US House Speaker Nancy Pelosi.

The Office of US Trade representative revealed that the first round of talks is expected to begin in early fall. The discussion then will include talks on trade facilitation, digital trade and anti-corruption standards.

After Pelosi’s visit, relations between the US and China have been increasingly tense. The US-Taiwan Initiative on 21st Century Trade was first unveiled in June following a consensus on the negotiating mandate between both sides.

“We plan to pursue an ambitious schedule…. that will help build a fairer, more prosperous and resilient 21st-century economy,” said Deputy United States Trade Representative Sarah Bianchi in a statement.

Trade between the US and the island nation stood at nearly $106bn (£88bn) in 2020.

The announcement comes as China launched its largest-ever military exercises around Taiwan after Ms Pelosi’s visit earlier in August.

Under the “One China policy”, the US recognizes and has formal ties with China rather than the island nation. It however maintains a robust relationship with Taiwan, including continued arms sales to the island so that it can defend itself.

Beijing sees the self-governing island as its own, renegade territory that must be united with the mainland. However, Taiwan is a self-ruled island that sees itself as distinct from the mainland.

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