The Cabinet on Thursday approved an agreement on bilateral trade between the Taipei Economic and Cultural Representative Office in the United States and the American Institute in Taiwan, submitted by the Executive Yuan's Office of Trade Negotiations. The agreement will now be sent to the Office of the President for official record.
At the Cabinet's weekly meeting, Premier Chen Chien-jen said the agreement is the first fruit of the largest and most comprehensive trade negotiations conducted by Taiwan and the U.S. since 1979, and is a crucial step forward for the bilateral trade and economic relationship. The premier's administrative team will continue to hold fast to the principles of transparency and openness, as well as conform to the highest standards of international trade and proactively participate in global affairs, to allow the world to become better acquainted with Taiwan.
The premier explained the agreement lays out a solid and comprehensive legal foundation for Taiwan-U.S. trade and economic exchange. It also addresses matters related to high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and will thus assist Taiwan's bid to enter the CPTPP. The premier looks forward to the steady advancement and deepening of trade and economic cooperation between Taiwan and the U.S.