The second physical negotiation meeting of the Taiwan-US 21st Century Trade Initiative ended in January. At that time, the government authorities stated that an early harvest agreement would be signed within a few weeks, and the goal was still to sign a BTA (bilateral free trade agreement) by the end of the year. However, it is reported that due to the good progress, Taiwan and the United States are expected to sign the BTA early in the first half of the year, gradually expanding from 5 consensus issues to 12 issues.

 

It has been more than a month since the second negotiation on the Taiwan-US trade initiative, and the outside world is paying close attention to the progress. It is reported that more than 90% of the chapters of the five consensus issues have been drafted, and the degree of completeness is quite high. Only some texts need to be confirmed by law. Another consideration is that the wording of the "Early Harvest Agreement" will evoke the association of the ECFA Early Harvest Agreement. However, ECFA involves tariffs, and the Taiwan-US trade initiative does not, which may cause controversy. Therefore, it is reported that it may change course and move towards the direction of directly signing the BTA.

 

People familiar with the situation confirmed that there are currently two options. One is to finish all 12 issues and sign the BTA at the end of the year according to the original plan; There are 12 topics, and the chapters are added one after another. This practice is very common internationally, such as the WTO.

 

As for when Taiwan and the US will sign the BTA? The person said that if the second form is adopted, the signing is expected to be completed in the first half of this year, but the specific time, place and signing form (both parties meet and sign together, or exchange documents for processing) are still subject to further discussion and finalization.

 

Taiwan and the United States announced in June 2022 the promotion of the Taiwan-US 21st Century Trade Initiative, initially drafting 11 issues, and started negotiations in mid-August of the same year, and held the first negotiation meeting in New York, USA in November, from January 14 to 17, 2023 Japan held a new round and the second physical negotiation meeting in Taipei.

 

In addition to focusing on customs and trade facilitation, good law-making industry, anti-corruption and small and medium-sized enterprises, the meeting also added a 12th item "Domestic Regulations for the Service Industry", with a total of five topics. Consensus, at that time hoped to use video in the next few weeks to finish the negotiation and sign the "Early Harvest Agreement" as soon as possible.

 

Officials involved in the negotiations said that they have conducted multiple video, email, and telephone exchanges in the past month, and confirmed the chapters of the five issues with consensus. Although there is an opportunity to sign the BTA first, "I dare not say it until the negotiation is over."

 

As for the remaining seven issues, the official said that issues such as standards and agriculture are complicated, and relevant ministries will conduct pre-simulations for future negotiations, and will also refer to IPEF (Indo-Pacific Economic Framework) or USMCA (USMCA). Agreement) and other agreement status, further discuss on the legal aspect. However, the two parties have not agreed on the time and place of the next physical negotiation.

 

Party and government officials said that the principle of Taiwan-US trade initiative negotiations is to maximize efficiency. Both parties understand that signing the BTA will improve their relationship, so they will first set up a structure. After successfully signing the BTA, I also hope that there will be an opportunity to touch on tariffs and other related issues in the future. (Source: chinatimes0220) ☺