(ANSA) - BEIJING, 18 AUGUST - Taiwan and the US have reached "consensus on the negotiating mandate" on 11 areas - including climate, agriculture and digital commerce - with the aim of working towards the definition of an agreement as part of the 'US Initiative- Taiwan on 21st century trade "announced last June, a few days after the 'Indo-Pacific Economic Initiative' which excluded Taipei. The agreement, if reached, will not be a free trade agreement on which the island is instead aiming.
The negotiations will deepen bilateral trade and investment relations, promote mutual business priorities based on shared values, as well as innovation and inclusive economic growth for workers and businesses in Taiwan and the US, a note from the Office of the United States Trade Representative reported. (Ustr).
The announcement, which matured amid the growing tensions of China's unprecedented laborers around the island in response to the visit to Taiwan earlier this month by the speaker of the Chamber Nancy Pelosi, is destined to fuel the tensions between Washington and Beijing, which with greater insistence challenges the American side violation of the 'One China' principle / policy underlying bilateral relations.
On the other hand, the initiative does not fully meet Taiwan's hopes for a bilateral free trade agreement, although the talks are seen as important in keeping communications open and hoping to negotiate such an agreement in the future.
Taiwan is the ninth largest trading partner of the United States, according to data from the U.S. Trade Representative Office for 2020 and is one of the world's largest suppliers of semiconductors and other hi-tech components.
(HANDLE).