AmCham Taiwan Commends U.S.-Taiwan Trade Agreement, Urges Swift Implementation and Clear Roadmap
TAIPEI, TAIWAN – The American Chamber of Commerce in Taiwan congratulates the American Institute in Taiwan (AIT) and Taiwan Economic and Cultural Representative Office in the U.S. (TECRO) on the signing on June 1 in Washington, D.C. of the first agreement under the U.S.-Taiwan Initiative on 21st-Century Trade.
The agreement covers five categories included in the 21st-Century Trade Initiative: Customs Administration and Trade Facilitation, Good Regulatory Practices, Services Domestic Regulation, Anticorruption, and Small and Medium-sized Enterprises. Negotiations are continuing on the remaining seven chapters.
“This initial agreement represents a significant milestone in strengthening the bilateral economic relationship,” said AmCham Taiwan Chairperson Vincent Shih, “The Initiative holds immense potential to unlock new trade and investment opportunities, serving as a catalyst for economic growth and prosperity. AmCham calls on both the U.S. and Taiwan authorities to swiftly implement the agreement and keep the business community informed about the progress.”
To fully realize the benefits of the 21st-Century Trade Initiative, Shih noted that it will be crucial to establish a clear roadmap on how the agreement will be executed. This roadmap should outline the specific timelines, actions, and responsibilities of both governments to ensure a smooth and effective implementation process.
“Many of the types of issues raised annually in the Chamber’s Taiwan White Paper will now hopefully be resolved early by applying the principles of transparency, objective analysis, accountability, and predictability set out in the Good Regulatory Practices chapter of the agreement,” AmCham Taiwan President Amy Chang said, “AmCham particularly welcomes the reaffirmation of the importance of sufficient notice to relevant stakeholders regarding proposed new regulations, as well as consultation with the stakeholders during the rules-making process.”
The Chamber also sees this breakthrough as an effective way of fortifying Taiwan’s economic resilience and look forward to the establishment of a new and functioning Joint Committee on Good Regulatory Practices formed under the agreement, which provides for opportunities for stakeholders to present their views on how the agreed-upon principles are put into practice.
As a leading advocate for Taiwan’s business community, AmCham and its member companies stand ready to support the implementation process and mechanisms for private sector input to be meaningful. Our diverse membership of over 1,200 members from more than 570 companies across industries possesses valuable expertise and insights that can contribute to the successful execution of the Initiative. Through public-private collaboration, we can unlock the full potential of this agreement and propel both economies to new heights of prosperity and cooperation.
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