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US and Taiwan announce formal bilateral trade talks

Weeks after Nancy Pelosi, speaker of the US House, made a contentious visit to Taiwan, the US has stated that official trade discussions will soon begin.

The Office of US Trade Representative predicted that the first round of negotiations would start in “early September.”

Commerce facilitation, digital trade, and anti-corruption norms will all be topics of debate.

Since Ms. Pelosi’s visit, ties between the US and China have become more strained.

Both parties of the US-Taiwan Initiative on 21st Century Trade, which was initially launched in June, claim to have “reached unanimity on the negotiation mandate.”

According to Deputy United States Trade Representative Sarah Bianchi, “We aim to pursue an ambitious timeline… that will help construct a fairer, more affluent, more resilient 21st century economy.”

Nearly $106 billion (£88 billion) in trade was conducted between the US and Taiwan in 2020.

Following Ms. Pelosi’s visit earlier in August, China began its largest-ever military drills surrounding Taiwan.

According to the “One China policy,” the United States recognizes and maintains formal connections with China rather than the island of Taiwan, but it also keeps a “strong unofficial” relationship with Taiwan, continuing to sell the island armaments so that it can defend itself.

The autonomous island is seen as Beijing’s own renegade area that has to be merged with the mainland.

Taiwan, a self-governing island, perceives itself as separate from the mainland.

Separately, senior US ambassador for East Asia Daniel Kritenbrink stated that the Taiwan Strait’s stability and peace are at risk due to Beijing’s “increasing pressure.”

In response to Beijing’s continuous efforts to destabilize it, he said, “We will continue to take calm but firm actions to protect peace and stability and to assist Taiwan in keeping with our long-standing policy.”

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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