TAIPEI (TVBS News) — Premier Chen Chien-jen urged Taiwan's Legislative Yuan on Wednesday (July 19) to pass the United States-Taiwan Initiative on 21st Century Trade, after the U.S. Senate passed the trade agreement unanimously a day earlier.
"The U.S. Senate has passed the U.S.-Taiwan Initiative on 21st Century Trade, and we hope the Legislative Yuan will promptly pass this agreement in today's extraordinary meeting," Chen told reporters earlier that day before the meeting started.
Praising the robust trade relationship between the United States and Taiwan, Chen stressed the signing of the trade initiative mutually beneficial on trade facilitation and tariffs, saying, "The World Trade Organization (WTO) estimated that facilitating the tariff issue can potentially save 3 to 5%, highlighting the importance of trade facilitation alongside tariffs."
Chen's remarks came after the opposition Kuomintang(KMT) party criticized that the trade initiative does not provide actual benefits to companies via the tariff preferences.
Aiming to strengthen the bilateral economic tie, the U.S.-Taiwan 21st Century Trade Initiative covers five areas: customs administration and trade facilitation, a good legal system, domestic regulations for the service industry, anti-corruption, and small-and-medium-sized businesses.
