US Senate push for Free Trade Agreement with Taiwan
WASHINGTON: A U.S. Republican Senator, Pat Toomey, has introduced a resolution to the U.S. Senate calling for the negotiation of a free trade agreement with Taiwan. Roomey described building closer trade ties with Taiwan as a win-win for both sides, saying it would help the U.S. strengthen its relationship with a key ally -- while increasing economic engagement in the Indo-Pacific.
"The Senate should pass this resolution and the incoming Biden administration should make a trade agreement with Taiwan a priority," he said. The bill is cO-sponsored by 25 other members.
According to the resolution, the U.S. is Taiwan's second-largest trading partner and Taiwan the 10th-largest trading partner of the U.S in goods and 11th-largest overall, and trade with Taiwan supports an estimated 208,000 jobs in the U.S.
The resolution said Taiwan had invested in technology manufacturing facilities in the U.S. and shown commitment to protecting intellectual property, citing the Joint Declaration on 5G Security announced between the two sides in August this year.