Taipei, Nov. 1, 2012 (CENS)--Francisco Sanchez, undersecretary for international trade at the U.S. Department of Commerce, announced yesterday (Oct. 31) that the Taiwan-U.S. economic and trade relationship has been upgraded from friendship to partnership. He also made three statements: the strengthening of mutual economic and trade relationship, the improvement of employment rate, and encouragement for U.S. investments in Taiwan for joint penetration of the mainland Chinese market.
Sanchez and Wang Chih-kang, chairman of Taiwan External Trade Development Council (TAITRA), signed yesterday a letter of intent for “Pacific Bridge Initiative,” marking another milestone in the development of Taiwan-U.S. relationship, after the provision of free-visa treatment by the U.S. to Taiwanese travelers. Sanchez is the highest ranking official of the U.S. Department of Commerce to visit Taiwan in recent 10 years and the signing of an agreement between U.S. government agency and a semi-official organization of Taiwan has guidepost significance.
Sanchez said that his visit to Taiwan is an important step in the development of Taiwan-U.S. relationship, adding that the U.S. will push Taiwan to become a regional economic and hub for the U.S. He said the agreement with Taiwan is unprecedented, which will benefit various parties, including mainland China.
Wang Chih-kang remarked that the “Pacific Bridge Initiative” between Taiwan and the U.S. will pave the way for both parties to tap the mainland Chinese market. The U.S. Department of Commerce will organize a trade delegation in the near future to evaluate Taiwan’s investment climate, especially in the fields of renewable energy, biotech and medicine, information-communications technology, travel, and publishing.
Wang noted that U.S. enterprises can penetrate the mainland Chinese market via investments in Taiwan, taking advantage of the cross-Taiwan Strait Economic Cooperation Framework Agreement (EFCA).
Sanchez remarked that strengthening of trade and investment relationship between Taiwan and the U.S. can effectively create job vacancies, contributing to the solution of unemployment problem of both parties.
(by Philip Liu)