Taiwan's Ministry of Foreign Affairs (MOFA) recently expressed appreciation to the U.S. government for its efforts to enhance economic relations between the two nations. This gratitude follows the issuance of a joint letter by the U.S. Departments of Agriculture, Commerce, and State, which encourages states and companies to increase trade with Taiwan. This letter marks the third such initiative since 2019, reflecting a growing commitment to strengthen trade ties [d0f8a41a].
Taiwan is currently the U.S.'s eighth-largest trading partner and the seventh-largest market for American agricultural exports. In 2023, governors from six U.S. states visited Taiwan, further indicating a trend of increasing engagement. Several states have also opened or reinstated trade offices in Taiwan, which MOFA views as a positive step towards deepening cross-sector partnerships with the U.S. [d0f8a41a].
In addition to these developments, discussions on a double tax avoidance agreement between Taiwan and the U.S. are set to begin soon. This agreement aims to facilitate smoother trade and investment flows, thereby bolstering economic cooperation between the two nations [d0f8a41a].
The strengthening of U.S.-Taiwan economic ties comes at a time when both countries are seeking to enhance their partnerships in various sectors, including agriculture and technology. The ongoing collaboration is seen as vital for both nations, especially in the context of regional security and economic stability [d0f8a41a].