The first batch of agreements under the Taiwan-U.S. 21st Century Trade Initiative officially took effect on the 10th.
According to the website of Taiwan's Executive Yuan Economic and Trade Negotiation Office, the first batch of agreements under the Taiwan-U.S. 21st Century Trade Initiative officially took effect on December 10th this year. Taiwan and the U.S. share the values of freedom and democracy, and at a time when the world faces significant geopolitical challenges such as supply chain shifts, the Russia-Ukraine war, and the Israel-Palestine conflict, the activation of this agreement showcases the rock-solid partnership between Taiwan and the U.S. In the highly volatile global situation, it holds strategic significance for Taiwan in consolidating and expanding relationships with important economic and trade partners.
Taiwan and the U.S. launched the initiative in June 2022 and signed the first batch of agreements on June 1, 2023. The first batch of agreements passed a non-objection review by both U.S. political parties in July this year, granting them the legal status of a U.S. congressional-executive agreement, thereby providing a more stable legal foundation for Taiwan-U.S. economic and trade exchanges. The U.S. House and Senate passed the Taiwan-U.S. 21st Century Trade Initiative's first batch of agreements implementation bill, which was sent to the White House on July 27, and signed into law by President Biden in August.
The first batch of agreements between Taiwan and the U.S. covers five major topics: simplifying general customs clearance and import-export trade processes, reducing time and monetary costs involved in trade; increasing transparency in regulatory formulation and public participation, creating a high-standard market legal system to drive more trade; jointly combating corruption, ensuring the market mechanism is more fair and efficient, free from government corruption and malpractice, thus boosting business operational confidence; ensuring that the operational regulations for service providers are fair, reasonable, and transparent, facilitating the administrative licensing procedures for Taiwanese service providers to apply to operate in the U.S.; and cooperating to provide more resources for small and medium-sized enterprises, enhancing business opportunities for them to enter the U.S. market, and promoting avenues for minority and female entrepreneurs' participation in trade.