New Southbound Policy Portal

A resolution was introduced Dec. 23 to the U.S. Senate calling for the negotiation of a free trade agreement with Taiwan, according to the document’s author U.S. Sen. Pat Toomey.
 
In a press release issued the same day, Toomey said building closer trade ties with Taiwan is a win-win for both sides as it will help the U.S. strengthen its relationship with a key ally while increasing economic engagement in the Indo-Pacific.
 
“The Senate should pass this resolution and the incoming Biden administration should make a trade agreement with Taiwan a priority,” he added. The bill is cO-sponsored by 25 other members.
 
According to the resolution, the U.S. is Taiwan’s second largest trading partner and Taiwan the 10th largest trading partner of the U.S in goods and 11th largest overall, and trade with Taiwan supports an estimated 208,000 jobs in the U.S.
 
Taiwan has also played an integral role in the global supply chain during the COVID-19 pandemic, producing a large amount of medical masks for individuals around the world at a time when such supplies were most scarce, it said.
 
Not only has Taiwan invested in technology manufacturing facilities in the U.S. but also shown commitment to protecting intellectual property, the resolution said, citing the Joint Declaration on 5G Security announced between the two sides in August this year.
 
According to the resolution, the U.S. should work with like-minded partners to liberalize trade and advance a free, open Indo-Pacific. Trade negotiations would encourage even greater access to Taiwan’s market and benefit security and economic growth for both sides, as well as the entire region, it said. (SFC-E)
 
Write to Taiwan Today at ttonline@mofa.gov.tw