WASHINGTON (Pakistan Point News / Sputnik - 08th August, 2023) US President Joe Biden said on Monday that he is going to treat certain requirements of the newly implemented US-Taiwan trade agreement as non-binding when they infringe on his authority to negotiate with foreign partners.
"Today, I have signed into law H.R. 4004, the 'United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act,'" Biden said in a statement. "In cases where the requirements of section 7 of the Act would impermissibly infringe upon my constitutional authority to negotiate with a foreign partner, my Administration will treat them as non-binding."
The resolution among other things sets robust transparency and consultation requirements for any future agreements negotiated under the initiative, according to a US House Ways and Means Committee press release.
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.