United States Trade Representative Katherine Tai revealed in a statement that Washington and Taipei have reached an initial agreement on the "21st Century Trade," APA reports citing Teletrader.
"This accomplishment represents an important step forward in strengthening the US-Taiwan economic relationship. It demonstrates how we can work together and advance mutual trade priorities on behalf of our people," Tai commented.
Under this agreement, "the areas of customs administration and trade facilitation, good regulatory practices, services domestic regulation, anticorruption, and small and medium-sized enterprises" will all be covered. The deal is expected to be signed in the coming weeks.