Taipei`s economics ministry on Tuesday announced that Taiwan and the United States had agreed to set up a new framework for collaboration on key technologies, including semiconductors.
Taiwan economic Minister, (Ms) Wang Mei-hua, told reporters that she and U.S. Secretary of Commerce, Gina Raimondo, reached agreement to set up a formal “Technology Trade and Investment Collaboration Framework” (TTIC) during a transpacific virtual meeting.
Wang told reporters “we signed this new agreement to let both sides have a formal mechanism to promote mutual cooperation and investment in key areas such as semiconductors, 5G and electric vehicles.”
Wang confirmed that high-tech product exports from Taiwan to the U.S. were rising in the wake of the U.S.-China trade war.
“Supply chains are shifting and many sensitive information and telecommunication products are being made in Taiwan and exported to the U.S. so our trade surplus with the U.S. will rise.
“The U.S. will benefit from safer informatics and telecom goods.’’
According to economics ministry data, the United States was Taiwan’s second largest trading partner and Taiwan was the U.S. ninth largest trading partner in 2020.
Despite the impact of the COVID-19 pandemic, total bilateral trade volume rose by nearly 2.4 per cent to over 83 billion dollars and had risen to 85.6 billion dollars during the first 10 months of 2021, 26.2 per cent higher than the January-October period in 2020. (dpa/NAN)
