TAIPEI: Taiwan’s trade negotiating team has left for the United States to hold their final meeting on a trade and tariff deal struck last month, the island’s government said on Tuesday (Feb 10).
Under the terms of the agreement, tariffs on Taiwan’s exports to the US will be cut to 15 per cent from 20 per cent.
Taiwan companies will also invest US$250 billion to boost the production of semiconductors, energy and artificial intelligence in the US, while Taiwan will also guarantee an additional US$250 billion in credit to facilitate further investment.
Taiwan Vice Premier Cheng Li-chiun and chief trade negotiator Yang Jen-ni departed on Tuesday night and are expected to hold “a final meeting with the US side regarding the ‘Taiwan–US Agreement on Reciprocal Trade'”, Taiwan’s Cabinet said in a statement.
Once the agreement is finally signed, the government will report the full details to the public and it will then go to parliament for approval, the statement added.
Semiconductor powerhouse Taiwan, which runs a large trade surplus with the US, says it aims to build a strategic high-tech partnership with the country, the island’s most important international backer despite the lack of official diplomatic ties.
https://www.channelnewsasia.com/east-asia/taiwan-us-trade-deal-semiconductors-ai-investment-5920256
