US Signs First Deal With Taiwan Under New Trade Framework

MNI London: The United States Trade Rep has issued a statement on today's signing of "the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade."

• USTR: “This agreement... is intended to strengthen and deepen the economic and trade relationship between the United States and Taiwan."
• USTR spokesperson Sam Michel said: “We thank our Taiwan partners for helping us reach this important milestone and look forward to upcoming negotiations on additional trade areas set forth in the initiative’s negotiating mandate.”
• The USTR says on a new customs agreement: "The negotiated text on customs administration and trade facilitation will streamline border procedures and reduce red tape, making it easier, faster, and cheaper for American businesses to bring their products to Taiwan and Taiwanese customers."
• The agreement is likely to further strain tensions between Washington and Beijing and comes ahead of the Shangri La Security Dialogue in Singapore tomorrow where China has stonewalled requests from the US to arrange a meeting between US Defense Secretary Lloyd Austin and his Chinese counterpart, Li Shangfu, to reestablish military-to-military contact.