Tuesday, March 5, 2024
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HomeNewsGlobal NewsTECO Miami: Benefits of Taiwan to IPEF

TECO Miami: Benefits of Taiwan to IPEF

By TECO, Miami

MIAMI, USA – In a recent interview on the Benefits of Taiwan to the Indo-Pacific Economic Framework (IPEF), Taipei Economic and Cultural Office in Miami (TECO), Director-General Charles Chi-Yu Chou, outlined two fundamental facts and illustrated one IPEF pledge that points to flexible and inclusive” why Taiwan’s inclusion in IPEF is crucial.

First, Taiwan is the 10th largest trading partner of the United States in 2022 and plays a crucial role in its economic resilience. As a global technological hub and a vital link in international high-tech supply chains, Taiwan serves as leverage against China in the competition for cutting-edge technology.

By inviting Taiwan to join the IPEF, the United States would demonstrate its recognition of Taiwan’s economic significance, reinforcing its unwavering diplomatic and economic commitment to the nation and maintaining the safety and security of the global supply chain.

Second, Taiwan possesses notable advantages in its high-tech industry and thriving digital economy, and its commitment to zero-carbon emission and anti-corruption.

These advantages, [including Taiwan’s six core strategic industries] would greatly contribute to the success of the IPEF and bring substantial benefits to the participating regional countries.

The United States has good reasons to include Taiwan in the regional economic framework, particularly as it has pledged that the IPEF would be “flexible and inclusive.”

“This commitment aligns perfectly with the recent signing of the first agreement under the Taiwan-US Initiative on 21st-Century Trade, representing the most comprehensive bilateral trade agreement since 1979.

“Apart from creating new opportunities for bilateral trade development, this agreement establishes a solid foundation for a future Taiwan-US free trade agreement, highlighting Taiwan’s importance as a strategic partner for the United States,” said TECO Director-General Chou.

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