Dubai Telegraph - US, Taiwan launch trade talks in challenge to China

EUR -
AED 3.877513
AFN 71.777901
ALL 98.321917
AMD 418.020726
ANG 1.902405
AOA 961.712252
ARS 1065.751826
AUD 1.623594
AWG 1.900237
AZN 1.806954
BAM 1.956787
BBD 2.131165
BDT 126.133615
BGN 1.956397
BHD 0.397976
BIF 3118.446626
BMD 1.055687
BND 1.418742
BOB 7.293644
BRL 6.31354
BSD 1.055527
BTN 89.130375
BWP 14.419614
BYN 3.453824
BYR 20691.473668
BZD 2.127583
CAD 1.478593
CDF 3029.822829
CHF 0.932063
CLF 0.037415
CLP 1032.399118
CNY 7.64793
CNH 7.65175
COP 4645.16194
CRC 539.069324
CUC 1.055687
CUP 27.975717
CVE 110.321163
CZK 25.28013
DJF 187.96569
DKK 7.457529
DOP 63.733653
DZD 140.964863
EGP 52.351644
ERN 15.835311
ETB 130.763131
FJD 2.393929
FKP 0.833272
GBP 0.831951
GEL 2.887343
GGP 0.833272
GHS 16.308148
GIP 0.833272
GMD 74.953919
GNF 9096.630936
GTQ 8.1443
GYD 220.762386
HKD 8.217597
HNL 26.705469
HRK 7.530492
HTG 138.38307
HUF 413.048071
IDR 16754.076253
ILS 3.858057
IMP 0.833272
INR 89.169165
IQD 1382.73012
IRR 44418.048641
ISK 144.903824
JEP 0.833272
JMD 166.304663
JOD 0.748797
JPY 159.908672
KES 136.920874
KGS 91.633456
KHR 4254.246359
KMF 492.480666
KPW 950.118289
KRW 1473.417847
KWD 0.324655
KYD 0.879664
KZT 540.550064
LAK 23165.793301
LBP 94521.323802
LKR 306.833297
LRD 189.470045
LSL 19.180683
LTL 3.11717
LVL 0.638574
LYD 5.149622
MAD 10.562927
MDL 19.327205
MGA 4928.509018
MKD 61.546802
MMK 3428.831599
MNT 3587.225837
MOP 8.461268
MRU 42.105435
MUR 49.087799
MVR 16.310026
MWK 1830.33179
MXN 21.532973
MYR 4.694645
MZN 67.481283
NAD 19.181228
NGN 1780.047794
NIO 38.839405
NOK 11.661656
NPR 142.6086
NZD 1.7917
OMR 0.406438
PAB 1.055537
PEN 3.960898
PGK 4.256147
PHP 61.958824
PKR 293.433102
PLN 4.307951
PYG 8232.151855
QAR 3.847459
RON 4.977674
RSD 116.960689
RUB 114.015383
RWF 1469.275818
SAR 3.966017
SBD 8.857841
SCR 14.413764
SDG 634.998003
SEK 11.530788
SGD 1.417023
SHP 0.833272
SLE 23.966605
SLL 22137.242606
SOS 603.218516
SRD 37.376632
STD 21850.598419
SVC 9.235702
SYP 2652.446194
SZL 19.189132
THB 36.353673
TJS 11.505257
TMT 3.705463
TND 3.334382
TOP 2.472524
TRY 36.531647
TTD 7.172651
TWD 34.384271
TZS 2792.938341
UAH 43.897547
UGX 3894.964411
USD 1.055687
UYU 45.213017
UZS 13578.912787
VES 49.403634
VND 26785.957213
VUV 125.333333
WST 2.947047
XAF 656.300436
XAG 0.03488
XAU 0.0004
XCD 2.853048
XDR 0.807426
XOF 656.291106
XPF 119.331742
YER 263.842657
ZAR 19.108602
ZMK 9502.454734
ZMW 28.472225
ZWL 339.930922
  • RIO

    0.2900

    62.32

    +0.47%

  • NGG

    0.5000

    63.33

    +0.79%

  • BCC

    -2.0100

    146.4

    -1.37%

  • SCS

    -0.0700

    13.47

    -0.52%

  • CMSC

    -0.0500

    24.52

    -0.2%

  • CMSD

    -0.0700

    24.36

    -0.29%

  • JRI

    0.1700

    13.41

    +1.27%

  • GSK

    0.3100

    34.33

    +0.9%

  • BCE

    0.3900

    27.02

    +1.44%

  • RBGPF

    1.0000

    62

    +1.61%

  • RELX

    0.2400

    47.05

    +0.51%

  • BTI

    0.2300

    37.94

    +0.61%

  • RYCEF

    0.1100

    6.91

    +1.59%

  • BP

    0.1700

    29.13

    +0.58%

  • VOD

    0.1100

    8.97

    +1.23%

  • AZN

    0.8400

    67.2

    +1.25%

US, Taiwan launch trade talks in challenge to China
US, Taiwan launch trade talks in challenge to China / Photo: Jon Cherry - GETTY IMAGES NORTH AMERICA/AFP/File

US, Taiwan launch trade talks in challenge to China

The United States and Taiwan launched talks on Wednesday aimed at deepening their trade ties, in a clear challenge to Beijing.

Text size:

The process, labeled the US-Taiwan Initiative on 21st-Century Trade, follows an agreement President Joe Biden announced last week with 12 Asian economies, which excluded Taiwan.

Like that effort, the discussions with Taiwan will not involve tariffs or market access -- items that would require congressional approval, officials said.

"Both sides will work at pace... to develop an ambitious roadmap for negotiations for reaching agreements with high-standard commitments and economically meaningful outcomes," the US Trade Representative said in a statement.

Despite the limited scope of the talks, which a senior administration official said was in keeping with the "unofficial" relationship with Taipei, they are likely to anger Beijing which bristles at any sign Washington is treating the self-governing democracy as an independent nation.

China claims sovereignty over Taiwan and opposes its participation in international fora including a Pacific trade pact.

Beijing has engaged in frequent saber rattling to show its displeasure: China on Monday made the second largest incursion into Taiwan's air defense zone this year with Taipei reporting 30 jets entering the area, including more than 20 fighters.

US Secretary of State Antony Blinken accused China of "increasingly provocative rhetoric and activity."

Biden also is under pressure to deepen ties with the island after a bipartisan group of 52 senators urged him to include Taiwan in the Indo-Pacific Economic Framework (IPEF) launched last week, which includes about 40 percent of the global economy.

They argued in a letter to Biden that leaving an important trading partner out would "allow the Chinese government to claim that the international community does not in fact support meaningful engagement with Taiwan."

- 'Robust' relationship -

A senior official said there is still time to add Taiwan to that effort.

"We didn't include Taiwan in the initial launch. However, going forward, we intend to take a flexible and adaptable approach to IPEF participation," the official told reporters.

The official reiterated Washington's "long-standing one China policy," but said the Biden administration also maintains a "robust unofficial relationship with Taiwan and... is committed to deepening it."

Deputy USTR Sarah Bianchi and Taiwan's lead trade negotiator John Deng met on Wednesday to launch the new initiative, which the trade agency said "is intended to develop concrete ways to deepen the economic and trade relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses."

The first meeting under the initiative will be held in Washington later in June, and will cover customs procedures and regulations, including rules governing agriculture trade, worker rights and the fight against "harmful non-market policies" -- a clear reference to China.

Another administration official said the goal is to produce a "high framework, binding agreement," but gave no timeframe for reaching a deal.

Taiwan is the 10th largest export market for the United States as well as a vital source of semiconductors which are seeing a global shortage, hitting industries that rely on them from autos to smartphones and pushing inflation higher.

The US Commerce Department has launched a separate dialogue with Taipei on technology and investment -- two other areas covered by IPEF.

Z.W.Varughese--DT