CURRENT TAIWAN-U.S. TRADE RELATIONS
For over 70 years now, the Republic of China (Taiwan) and the United States (U.S.) have forged a rock-solid relationship based on shared values of freedom and democracy, human rights, rule of law, respect for intellectual property rights, and a market-based economy.
Taiwan-U.S. economic relations remain strong and continue to grow. Being natural economic partners, our shared interests in secure and diverse supply chains, safe telecommunications networks, and transparent infrastructure development can help us achieve an inclusive and prosperous world.
Taiwan is the 9th largest trading partner of the U.S., the 10th largest export market, with US$83.1 billion in goods traded in 2020. Taiwan is also the 8th largest export destination for U.S. agricultural goods. In 2020, Taiwan imported US$32.6 billion in goods from the U.S. And, Taiwan-affiliated firms invested US$47 billion in the U.S. while U.S. investment in Taiwan reached US$24.8 billion, the second-largest source of foreign investment in Taiwan. Trade and investment with Taiwan support at least 373,000 well-paid American jobs in all 50 U.S. states and territories. Taiwan has also actively participated in the “SelectUSA Investment Summit” held in Washington, DC and hosted the annual “U.S. Business Day” in Taiwan to promote bilateral trade.
TAIWAN-NEW ENGLAND TRADE RELATIONS
Taiwan-New England trade relations remain strong. Taiwan-MA, ME, NH, VT, and RI trade support approximately 10K jobs in the region. In 2020, the main exports to Taiwan from New England included computers, electronic products, chemicals, machinery, metal manufacturing, fish and other maritime products, to name just a few. Taiwan is also Vermont's second-largest export market and largest export market in Asia (2020). We firmly believe the trade relationship between Taiwan and New England has great potential to grow. A Taiwan-U.S. bilateral trade agreement will further streamline and strengthen trade, and create a win-win for all. There are many opportunities for economic growth through trade. A BTA will create such opportunities.
TAIWAN AND THE U.S. – A SOLID PARTNERSHIP
Taiwan and the U.S. have already begun exchanges in the areas such as 5G and telecommunications security, supply chains, women's economic empowerment, infrastructure cooperation, investment review, and global health security issues, under the inaugural "U.S.-Taiwan Economic Prosperity Partnership Dialogue (EPPD)" in 2020. Other potential areas for cooperation and growth include science & technology and education which reflect the comprehensive nature of Taiwan-U.S. relations. Taiwan’s effort to help resolve the semiconductor shortage for automobile manufacturers in the U.S. demonstrates that our bilateral trade is complimentary and mutually beneficial.
TAIWAN-U.S. BILATERAL TRADE AGREEMENT (BTA)
Now, more than ever, it just makes good common sense that Taiwan and the U.S. negotiate a bilateral trade agreement (BTA), especially in the post-pandemic economic recovery. Taiwan's proven economic success uniquely positions itself as a positive force and a critical link in the high-tech supply chain. The U.S. House and Senate, state governors and legislatures, economists, businesses, think tanks, and the American public continue to express strong bipartisan support for a BTA, an agreement will bring significant economic benefits to the U.S. and New England. It will lead to greater cooperation in high-tech areas of pharmaceuticals, biomedicine, robotics, and artificial intelligence. It will also help diversify supply chains and benefit the New England agricultural and maritime sectors such as the lobster industry, and blueberry and maple syrup exports.
Taiwan's dynamic economy connects global supply chains and economic activities so that like-minded countries can trade with confidence. Taiwan remains committed to negotiating a comprehensive, high-standards bilateral trade agreement with the U.S. befitting of the 21st century to ensure a more prosperous and peaceful future. Taiwan is indeed a trustworthy partner of the United States.
A BTA will only ensure expanded economic engagement, prosperity, peace, and stability - not only for Taiwan and the U.S., but it will also open up more opportunities for trade between Taiwan and New England in particular. Let's move forward and make it happen!
Jonathan Sun
Director-General
Taipei Economic and Cultural Office in Boston
