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Taiwan tells U.S. it hopes to 'gradually' move towards free trade deal

Wednesday, June 30, 2021
Taiwan tells U.S. it hopes to 'gradually' move towards free trade deal © Reuters. FILE PHOTO: Taiwan's Chief trade negotiator John Deng looks on as he speaks to the media in Taipei, Taiwan, January 22, 2021. REUTERS/Ann Wang

TAIPEI (Reuters) - Taiwan's chief trade negotiator John Deng told the United States on Wednesday that he hopes the two can "gradually" move towards a free trade agreement as they began long-delayed talks, a deal which would further cement Washington's support for Taipei.

The Trade and Investment Framework Agreement talks, or TIFA, stalled after former U.S. President Barack Obama left office in 2016 and his successor Donald Trump's trade representative, Robert Lighthizer, focused his attention on China, the world's second-largest economy.

In Deng's opening comments, reported by Taiwan's Cabinet, he said TIFA could make each other's economies more prosperous and create more job opportunities.

"We hope that through the TIFA platform, the two sides can continue to deepen their relationship and gradually move towards a free trade agreement," he added.

The Biden administration has moved to reaffirm its strong commitment to the democratically governed island in the face of pressure from Beijing to try and assert its sovereignty.

Taiwan has long angled for a free trade deal with the United States, though any such agreement with Taiwan would likely irritate Beijing, which says the island is Chinese territory and does not have the right to state-to-state relations.

The top U.S. diplomat in Taiwan, Brent Christensen, told the opening session the resumption of the TIFA talks was an "essential element of our revitalised engagement on trade".

"I am confident that today's talks will help put the U.S.-Taiwan economic relationship on the right path for more cooperation and more progress in the future."

Held virtually, the talks were also attended by Assistant U.S. Trade Representative Terry McCartin and Taiwan's top diplomat in Washington, Hsiao Bi-Khim.

While Taiwan is a member of the World Trade Organization, many countries are wary of signing trade deals with the tech powerhouse fearing objections from China, though Taiwan does have free trade deals with Singapore and New Zealand.

Last year, Taiwan's government lifted a ban on the import of pork containing a leanness-enhancing additive, ractopamine, removing a major stumbling block to a deal with Washington.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 US Coffee C213.73↑ Sell
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 IBEX 3510,854.40Neutral
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 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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