Premier Cho Jung-tai on Tuesday received a delegation from the US-Taiwan Business Council (USTBC). During the visit, he noted the first agreement under the U.S.-Taiwan Initiative on 21st-Century Trade came into effect on December 10, 2024. The premier expressed his hopes that the negotiations on the second agreement can proceed swiftly and looked forward to further deepening cooperation between Taiwan and the U.S. through bilateral frameworks such as the Economic Prosperity Partnership Dialogue (EPPD) and the Technology, Trade and Investment Collaboration Framework (TTIC).
Premier Cho expressed special thanks to the U.S. executive and legislative branches for taking an active stance on resolving the double taxation issue between Taiwan and the U.S., which would help to promote bilateral investment and cooperation. He also voiced his hope that the USTBC will continue to emphasize the importance of this issue to the U.S. government, creating investment benefits for the industries and people on both sides.
Rupert Hammond-Chambers, president of the USTBC and head of the delegation, noted in his remarks that avoidance of double taxation has become an important issue in U.S.-Taiwan economic relations, given that approximately 30% of Taiwan's outbound investment is currently flowing into the U.S. The USTBC thus believes the signing of a U.S.-Taiwan tax agreement will add additional momentum to bilateral investment in both markets.
President Hammond-Chambers said the U.S. business community seeks continuity, transparency and stability in its relationship with Taiwan. He added that the USTBC is waiting to see what the trade policy of U.S. President-elect Trump's administration will truly look like, but whatever challenges or opportunities may come, the USTBC will remain committed to working with Taiwan and its government.