Taiwan External Trade Development Council Vice Chairman Chuang Suo-hang recently pointed out that the time is right to pursue a bilateral trade agreement with the US as a new paradigm in global commerce emerges.
The global landscape has shifted rapidly under the current US administration and Taiwan is prepared to prosper alongside its second-largest trade partner, Chuang said at the launch of the 7th annual US Business Day to promote and support bilateral business cooperation on Oct. 4.
The event facilitated business matches between 12 companies from six US states and 108 Taiwanese suppliers.
A majority of the visiting US companies were in the manufacturing business, including hand tool maker Stanley Black & Decker Inc., underlining Taiwan’s strategic position in Trump’s push for US-made products and preference for bilateral trade deals, Chuang said.
Taiwanese businesses have quickly adjusted to Washington’s trade policies, with many considering a move to the US to take advantage of low land prices and abundant natural resources, he added.
At the event, Wyoming Governor Matt Mead reiterated the US state’s wish to bolster its ties with Taiwan.
Mead presided over the opening of the Wyoming Asia-Pacific Trade Office in Taipei, the state’s first foreign trade office in three decades.
Wyoming has the lowest utilities prices in the US, as well as favorable corporate tax rates and incentive packages for manufacturing investments, Mead said, adding that the state has rich deposits of rare-earth elements, an essential part of many high-tech products.
Vice Minister of Economic Affairs Wang Mei-hua said that while the US is likely to work on bilateral trade deals with Canada, Mexico, Japan and Europe, she is upbeat on growing new business activities as US companies have been increasing procurement from Taiwan in light of rising global trade tensions.
Source: Taipei Times
Blake Lin (firstname.lastname@example.org)
l Taiwantrade industry insights: