The National Association of Secretaries of State (NASS) amended and reauthorized a resolution, which was formerly passed in 2015, supporting Taiwan-U.S. Bilateral Trade and Investment during its Virtual Summer Conference on July 22, 2020. Amb. Bi-khim Hsiao of TECRO appreciates the unwavering support from NASS and looks forward to enhancing an even closer economic relationship with the U.S.
This resolution emphasizes that NASS supports continued efforts between the United States and Taiwan to strengthen and expand opportunities for bilateral trade and investment. This resolution also highlights that Taiwan is the United States’ 10th-largest trading partner with the two-way trade volume reaching $85.5 billion in 2019. The United States is Taiwan’s 3rd largest source of foreign direct investment, cumulatively investing $24.7 billion as of April 2020.
Taiwan has been an important cooperative partner in the SelectUSA investment initiative and has sent one of the largest delegations to participate in every SelectUSA Investment Summit since 2013. In addition, Taiwan and the United States held negotiations under the Trade and Investment Framework Agreement (TIFA) in October 2016. As stated in the TAIPEI Act of 2019, it is the sense of Congress that the U.S. Trade Representative should consult with Congress on opportunities for further strengthening bilateral trade and economic relations between the U.S. and Taiwan.
Copies of this resolution will be sent to the United States Secretary of State and Office of the United States Trade Representative. This resolution will expire in the summer of 2025.
Full text of the resolution:https://www.nass.org/sites/default/files/resolutions/2020-07/nass-resolution-taiwan-trade-summer2020.pdf
