New US-Taiwan trade talks could go faster than comprehensive negotiations with 12 Indo-Pacific countries that have given strong interest in Taipei and Washington in deep economic relations, US Deputy Attorney General Sarah Bianchi said on Thursday.There are similarities between the recently launched Indo-Pacific Economic Framework negotiations and Taiwan talks, Bianchi told in an interview, but the latter step is aimed at widening links with Taiwan on specific economic issues.
I think we are excited to continue with Taiwan and reach our negotiating authority there and … a series of issues ranging from medium-sized businesses to digital trading to labor and we look forward to working very fast, “Bianchi said.Asked if the Taiwanese initiative would bear fruit soon after the Indo-Pacific Economic Framework (IPEF) negotiations, he said: “Most likely yes, it is possible.”
China is not included in the 14-nation IPEF program launched last week by President Joe Biden. However, the USTR announced a series of trade talks, which met with Taiwan on Wednesday. countries in the region. , but not Chinese.Bianchi said the IPEF would also begin soon, with negotiation plans, which would include ministerial-level meetings in the coming months to finalize the negotiations and begin drafting the agreement by the end of the summer.
The IPEF negotiations will allow member states to choose from the key “pillars” they will participate in, including digital trading laws, the strength of the supply chain and trade facilitation, infrastructure development and strong labor rights and environmental standards.But participation in all pillars is not necessary, and initial meetings will focus on defining which countries to vote for, Bianchi said. Only one or two selected countries could now have meaningful dialogue with the United States and other IPEF members, he said.
IPEF or Taiwan negotiations will not include tax cuts and improved market access provided by traditional free trade agreements.Bianchi said the IPEF was intended to be a “21st century agreement to really address the 21st century,” which includes digital trading barriers such as data warehouse requirements or complex rules that make it difficult for companies to operate abroad. Addressing these issues will also improve market access, he said.
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