TAIPEI (TVBS News) — Taiwan's Office of Trade Negotiations, under the Executive Yuan, announced on Tuesday (Dec. 10) the official implementation of the first batch of agreements under the "U.S.-Taiwan Initiative on 21st-Century Trade" (台美21世紀貿易倡議). The agreements mark a significant milestone, representing the first progress between Taiwan and the U.S. in this initiative.
Signed in June 2023 in Washington, D.C., the agreements aim to strengthen bilateral trade relations through customs administration, trade facilitation, regulatory practices, and anti-corruption measures, said the office in a press release.
Taiwan has completed all necessary procedures, and the agreements took effect following notification from the U.S. side. The office noted that both the U.S. and Taiwanese legislatures have expressed unanimous support for these agreements, which received bipartisan approval in the U.S. Congress in July.
The agreements now hold the status of a congressional-executive agreement in the U.S., solidifying the legal foundation for Taiwan-U.S. economic and trade interactions. The office highlighted that the agreements' activation will lead to institutionalized cooperation. Both sides will discuss execution details and share experiences through established committees and dialogue mechanisms, particularly on trade facilitation and good regulatory practices.