Biden Signs US-Taiwan Agreement On Trade In 21st Century - White House

WASHINGTON (Pakistan Point News / Sputnik - 08th August, 2023) US President Joe Biden signed into law a House resolution implementing the US-Taiwan trade agreement signed on June 1, the White House announced.

"On Monday, August 7, 2023, the President signed into law: H.R. 4004, the 'United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act,' which approves the June 1, 2023, trade agreement between the United States and Taiwan, under the auspices of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States," the White House said in a press release.

The US House Ways and Means Committee also issued a press release saying that the agreement sets rules in five areas of bilateral trade: customs administration and trade facilitation, good regulatory practices, services regulation, anti-corruption and small and medium-sized businesses.

At present, Taiwan is the United States' ninth largest trading partner with $90.6 billion in total traded goods in 2020, according to US Trade Representative Office data.