Amid tensions with China, the US and Taiwan are set to begin formally negotiating a bilateral trade and investment pact this fall.
According to the Wall Street Journal:
The new pact will also address ways to respond to “distortive practices of state-owned enterprises and nonmarket policies and practices,” the U.S. Trade Representative’s office said, in a clear reference to China’s policies without naming the country.
Details of the bilateral initiative follow the initial announcement of the plan in June and come as tensions over Taiwan between the U.S. and China flare following a visit to the self-governed island by House Speaker Nancy Pelosi in August and a subsequent delegation led by Sen. Ed Markey (D., Mass.) last weekend.
The congressional visits, designed to show support for Taiwan and democracy, have prompted harsh responses from Beijing, pushing the U.S. and China to their most strained relations in many years.
The pact will “deepen our trade and investment relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses,” said Deputy U.S. Trade Representative Sarah Bianchi.
“We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy.”
Chinese foreign ministry spokesman Wang Wenbin condemned the talks during a news conference in Beijing Thursday.
Read more at the Wall Street Journal.