Biden signs part of a trade deal with Taiwan, despite opposition from China

The president of USA, Joe Bidensigned part of a trade agreement with Taiwan on Monday to deepen economic cooperation with the island, despite opposition from China.

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It’s a statement, Biden announced its signing of the first agreement within the so-called Initiative US-Taiwan of the 21st century, which despite not being a free trade agreement, has been described by Taipei as the broadest trade agreement between the two parties since Washington established in 1979 diplomatic ties with Beijing under the principle of recognizing “One China”.

Even so, this partial agreement signed today by Biden It is limited, covering issues such as customs forms, regulatory practices, and anti-corruption measures, but it does not address tariffs on certain goods or Taiwanese complaints about double taxation in USA..

This initial part of the agreement was signed on June 1 by the American Institute in taiwanwhich acts as a “de facto” embassy of USA on the island, and the Office of the Taiwanese Cultural Representative in Washingtonwho defends the interests of his government in the North American country.

The text indicates that its objective is “strengthen and develop economic relations between the US and Taiwan” in mutual benefit; lay the foundations for future cooperation; and provide transparency and consultation requirements for future deals.

It is expected that in the coming months both parties will carry out negotiations on labor, the environment and digital commerce, within this initiative.

According to official data from USAin 2021 US exports of goods and services to taiwan they amounted to 47,300 million dollars, 18.8% more than in 2020, while imports from the island to the North American country were 86,900 million dollars.

USA is the second trading partner of taiwan behind of Chinasince its transactions account for 12.6% of its total trade and 10.2% of Taiwanese imports.

In June, this pact already aroused the ire of China who criticized Washington by “give the wrong signal to the separatist forces of taiwan”.

Source: Elcomercio

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I am Jack Morton and I work in 24 News Recorder. I mostly cover world news and I have also authored 24 news recorder. I find this work highly interesting and it allows me to keep up with current events happening around the world.