In August of last year, Taiwan and the U.S. initiated discussions within the framework of the U.S. -Taiwan Initiative on 21st Century Trade, after Washington excluded Taiwan from the broader Indo-Pacific Economic Framework.
The Office of Trade Negotiations of Taiwan released a statement indicating that the initial agreement within the framework will be formalized on Thursday morning in Washington on U.S. time, but no further details were disclosed.
According to The U.S. Trade Representative's office (USTR), Sarah Bianchi, Deputy United States Trade Representative, would attend the event, but againg no more details were disclosed.
Taiwan and the United States will sign the first deal under a new trade talks framework, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically governed island. #Tiawan#Trade
Last month, the two sides reached agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small business.
According to the USTR, once the initial agreement has been signed, negotiations will start concerning additional intricate areas of trade, which consist of agriculture, digital trade, labor and environmental standards, state-owned enterprises, and non-market policies and practices.
According to the statement, the pact is not expected to alter goods tariffs, but rather to solidify the economic ties between the U.S. and Taiwan, and enhance the island's accessibility to American goods and services.