Top US envoy praises strong partnership in trade and investment
The top U.S. envoy to Taiwan yesterday expressed U.S. appreciation of the strong bilateral partnership on trade and investment, but noted that both sides need to take further steps to remove trade barriers to fully realize business potential.
In his opening remarks at the U.S. Trade Day event in Taipei, American Institute in Taiwan (AIT) Director Kin Moy praised the “extraordinary” economic relationship that Taiwan and the U.S. have built together over the years.
“The U.S.-Taiwan trade partnership has evolved into something quite special, and it is clearly a win-win for both sides,” he said.
In 2014, Taiwan was the U.S.’ 10th- largest trading partner, ahead of India and Italy. In the same year, the U.S. also became Taiwan’s second-largest trading partner when two-way trade in goods reached over US$67 billion, Moy said.
“With Taiwan’s strong conviction to further liberalize its markets, we can be confident that we will continue to see strong growth in our bilateral trade relationship in the coming years.”
However, the AIT director pointed out that there is more both sides can do to fully realize the potential the two economies have.
“We need to take steps to strengthen intellectual property rights protection and enforcement, remove technical barriers to trade that limit markets and consumer choice, ensure that rules conform to international standards, and achieve greater transparency and predictability in regulatory processes.”
Only by doing so to further address the “outstanding obstacles” to trade can both sides continue to propel economies forward, Moy noted.
Though he did not specify the so-called obstacles, the AIT head’s comments may be referring to the Taiwan government’s ongoing ban on U.S. pork imports containing the additive ractopamine.
After Taiwan’s lifting of its ban on ractopamine in beef products in 2012, the U.S. has been pushing the country to establish a maximum residue level for ractopamine used in pork as it did in beef.
The Taiwanese government, however, has so far insisted that it will not lift the pork ban for food safety reasons.
Moy made the remarks during his address at the opening ceremony of U.S. Trade Day, jointly organized by Taiwan’s Ministry of Economic Affairs’ Bureau of Foreign Trade and the Taiwan External Trade Development Council.
This marked the fourth year of holding such business opportunity briefing events.
During yesterday’s address, Moy thanked the Taiwan government for holding the event, which allows representatives from U.S. states and cities to meet with potential investors from Taiwan
American Institute in Taiwan (AIT) Director Kin Moy speaks during his address at the U.S. Trade Day opening ceremony in Taipei, yesterday.