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Taiwan, US Unveil New Tech Trade Framework

Taiwan’s Minister of Economic Affairs (MOEA) and U.S. Secretary of Commerce have announced the establishment of the Technology Trade and Investment Collaboration (TTIC) framework. The TTIC framework aims to bolster bilateral trade, investment, and industrial cooperation while diversifying critical supply chains. The TTIC talks were conducted by senior officials and are a remarkable indicator of the economic and trade development between Taiwan and the U.S

TTIC also focuses on promoting a two-way investment environment, studying industry trends, and exploring new opportunities and investments in the US market. The two sides are to designate representatives at the bureau level to plan and convene the first meeting of the TTIC in the coming months, the statement said, while providing few other details about the framework’s functions.

Taiwan and the US already communicate on economic issues through two other high-level bilateral economic dialogue platforms — the Trade and Investment Framework Agreement and the US-Taiwan Economic Prosperity Partnership Dialogue.

The U.S. supports Taiwan and emphasises the importance of the commercial and investment relationship between the two sides, adding that the U.S will continuously work with Taiwan in areas such as semiconductor supply chains and related ecosystems. The US has also repeatedly pressed Taiwan, as a major chip producer, to do more to help resolve a global shortage of semiconductors, which has shuttered some auto production lines and impacted consumer goods.

Working together, both countries can build business connections and generate further investments which will ultimately create good-paying jobs, strengthen critical supply chains, and deepen our overall economic relationship. The U.S. is the second-largest trade partner of Taiwan, while Taiwan is the U.S.’ ninth-largest. Last year, total trade between the two sides was above US$83 billion (NT$2.3 trillion), according to the MOEA.

Taiwan-U.S. partnership on supply chains is long-term and reliable, especially on semiconductors, 5G, and electric cars and related components. The TTIC framework can make the most of the advantages of both sides, expanding two-way investments as well as deepening bilateral economic and trade ties.

– Wang Mei-hua, Minister of Economic Affairs

The Taiwan-US Trade and Investment Framework Agreement talks are likely to be positive for US interests centred around technology supply chains, while mildly disappointing for Taiwan which is looking for greater market access, according to analysts. Talks on the trade and investment framework, will take place against the backdrop of a global semiconductor shortage that has challenged signature American consumer electronics firms.

As reported by OpenGov Asia, to deepen Taiwan-U.S. cybersecurity cooperation and to boost cybersecurity awareness in the growing 5G and AIoT sectors, the Department of International Cooperation (ICD) and the American Institute in Taiwan (AIT) examined Cybersecurity Strategy for 5G-AIoT Industry. Seven experts from various sectors covered a range of topics from supply chains and big data to Artificial Intelligence (AI) and machine learning.

Government-to-government and private sector cooperation between Taiwan and the U.S. in the field of cybersecurity has been well-developed. In addition, the two sides signed a joint declaration on 5G wireless communications networks security. Cybersecurity threats stemming from 5G infrastructure and services include potential risks to supply chains and key infrastructure, so cybersecurity will be key to rapidly promoting the combining of the AIoT and 5G sectors.

Furthermore, Taiwan is renowned for its hardware manufacturing, and the U.S. is a global leader in cybersecurity software technology, so combining these strengths and enhancing Taiwan-U.S cybersecurity exchanges will be a focus of future industry development.

Following the U.S. government’s launch of the Cybersecurity Maturity Model Certification framework late last year, Taiwan has taken the lead in planning a similar mechanism to assess the cybersecurity maturity of Taiwan firms to assist them in meeting cybersecurity standards and serving as trusted supply chain partners delivering reliable products and services.

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