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Taiwan, U.S. announce new supply chain, investment framework

2021-12-08
Focus Taiwan
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Taiwan's Economic Affairs Minister Wang Mei-hua
Taiwan's Economic Affairs Minister Wang Mei-hua

Taipei, Dec. 7 (CNA) Taiwan and the United States have established a new bilateral cooperation framework to develop commercial programs and strengthen critical technology supply chains.

Called the Technology Trade and Investment Collaboration (TTIC) framework, it will also focus on promoting the two-way investment environment, studying industry trends, and exploring new opportunities and investment in the U.S. market, according to a U.S. Department of Commerce press release.

The two sides will soon designate representatives at the bureau level to plan and convene the first meeting of the TTIC framework in the coming months, the statement said, while providing few other details about the framework's functions.

Taiwan and the U.S. already communicate on economic issues through two other high-level bilateral economic dialogue platforms -- the Trade and Investment Framework Agreement (TIFA) and the U.S.-Taiwan Economic Prosperity Partnership Dialogue (EPPD).

The forming of the new mechanism was announced during a virtual talk between U.S. Secretary of Commerce Gina M. Raimondo and Taiwan's Economic Affairs Minister Wang Mei-hua (王美花) earlier Tuesday.

During the talk, Raimondo reiterated Washington's support for Taipei and the importance of bilateral U.S.-Taiwan commercial and investment relationship.

She also expressed the U.S.' continued interest in working together with Taiwan on issues of common commercial concern, particularly in the area of semiconductor supply chains and related eco-systems, the statement said.

Wang said the new framework will help Taiwanese and American companies work closer to promote two-way investment and trade to further deepen the already strong relations between the two countries, Wang was quoted as saying in a Ministry of Economic Affairs' statement.

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