US, Taiwan Sign First Agreement Under Bilateral Trade Pact - USTR Office

Washington and Taipei have signed the first agreement under the US-Taiwan Initiative on 21st-Century Trade, the Office of US Trade Representative (USTR) announced in a press release on Thursday

WASHINGTON (UrduPoint News / Sputnik - 01st June, 2023) Washington and Taipei have signed the first agreement under the US-Taiwan Initiative on 21st-Century Trade, the Office of US Trade Representative (USTR) announced in a press release on Thursday.

"Earlier today, Deputy United States Trade Representative Sarah Bianchi attended the signing of the first agreement under the US-Taiwan Initiative on 21st Century Trade. This agreement, which was signed by representatives of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States, is intended to strengthen and deepen the economic and trade relationship between the United States and Taiwan," the release said.

The signing ceremony came after two rounds of negotiations finalized the initial agreement laid out last August, which covers customs and trade facilitation, regulatory practices, domestic regulation of services and anti-corruption practices.

Through the agreement, the United States and Taiwan seek to facilitate bilateral trade and investment flows, improve regulatory practices, promote anti-corruption measures, and minimize unnecessary border formalities, the release said.

China has been vocal about its opposition to the United States' decision to bolster economic ties with Taiwan, particularly efforts that may connote sovereignty for the island of any kind. China's Foreign Ministry has urged the US government to stop any official exchanges with Taiwan related to trade and otherwise.

The agreement was signed ahead of the Shangri-La Dialogue regional security forum, which is set to be held in Singapore over the weekend. China has declined requests by the United States for the two countries' defense chiefs to meet outside of the gathering.