Trade talks between the United States and Taiwan are to begin under a new initiative

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• Aug 18, 2022 | Poonam Nath

Aiming to reach agreements with "high-level pledges and economically relevant consequences," the formal negotiations would begin.

Digital Desk: The US and Taiwan agreed on Wednesday to begin trade talks under a new initiative, saying they aimed to establish accords with "economically substantial outcomes," in yet another indicator of the US's increased support for the island.

The US-Taiwan Initiative on 21st-Century Trade was launched in June, only days after the Biden administration excluded the Chinese-claimed island from its Asia-focused economic plan aimed at countering China's expanding influence.

According to the US Trade Representative's office, the two sides have "reached consensus on the negotiation mandate," and the first round of discussions is likely to take place early this September.

"We intend to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes across the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous, and resilient 21st-century economy," said Sarah Bianchi, Deputy United States Trade Representative.

According to the negotiating mandate announced alongside the statement, the US and Taiwan have set a robust agenda for talks on matters such as trade facilitation, sound regulatory practices, and removing discriminatory trade barriers.

The formal talks will begin with the goal of establishing agreements with "high standard commitments and economically relevant consequences," according to the statement.

It made no mention of the possibility of a wide free trade agreement, which Taiwan has been pushing for.

Despite the lack of formal diplomatic connections, Washington has been eager to boost support for Taiwan, particularly as it confronts increased political pressure from China to recognize its sovereignty claims.