US and Taiwan aim for new trade framework to tackle supply chain and semiconductor issues

Name: Washington’s US$1.8 billion arms sale to Taiwan is first weapons deal of its kind in over 40 years
Uploaded: 2021-12-07T07:04:15.000Z
Duration: 2 min 28 s
Description: Washington’s US$1.8 billion arms sale to Taiwan is first weapons deal of its kind in over 40 years

US secretary of commerce and the island’s economics minister discuss ways to make trade systems more resilient

The agreement signals the Biden government’s intention to further deepen ties with Taiwan amid soaring tensions with Beijing

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US Secretary of Commerce Gina Raimondo held videoconference talks with the Taiwanese economics minister Wang Mei-hua on Tuesday. Photo: EPA-EFE

Lawrence Chung

Published: 3:04pm, 7 Dec 2021Updated: 3:40pm, 7 Dec 2021

Taiwan and the US have agreed during high-level talks to set up a new trade framework as the two sides forge closer ties.

US Secretary of Commerce Gina Raimondo held a videoconference with Taiwanese Economics Minister Wang Mei-hua on Tuesday to discuss the importance of the US-Taiwan commercial and investment relationship, according to the American Institute in Taiwan, the United States’ de facto embassy in Taipei.

The two “agreed to cooperate through a new Technology Trade and Investment Collaboration (TTIC) framework”, the AIT said.

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Washington’s US$1.8 billion arms sale to Taiwan is first weapons deal of its kind in over 40 years

It would be the first such agreement reached under the administration of US President Joe Biden, indicating his government’s intention to further deepen ties with the self-ruled island amid soaring tensions with Beijing.

The AIT said the framework sought to develop US-Taiwan commercial programmes and look at ways to “strengthen critical supply chains in areas such as semiconductors”.

Taiwanese Economic Affairs Minister Wang Mei-hua. Photo: Handout

It said the framework would also support the US-Taiwan investment environment, industry trends and new opportunities as well as promote two-way trade and investment.

“In their discussion, Secretary Raimondo and Minister Wang also agreed to designate appropriate representatives to continue and plan for upcoming engagements on critical supply chains and other issues of interest to both the US and Taiwan,” the AIT said.

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