U.S. announces it will start formal talks on trade and investment with Taiwan

The formal negotiations will deepen economic ties, but the move will heighten tensions with China.

The first round of trade talks is set to take place “early this fall”

This information comes from the Office of the U.S. Trade Representative

The deal would tighten ties on digital trade, agri­cul­ture, labor and environment standards among other issues.

The office added it wants to advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses.

“The United States and Taiwan will seek to 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,” the office said in the statement.

Meanwhile, Taiwan’s Office of Trade Negotiations said in a statement that it want to promote trade of its agricultural products and help small and medium-sized enterprises expand to U.S. markets.

The island’s Office of Trade Negotiations said signing trade deals with the US would “not only help” Taiwan join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, but would “deepen institutionalized links with other countries.”

“Both sides have shown a high degree of ambition and look forward to achieving concrete results as soon as possible and signing a trade agreement,” Taiwan’s trade negotiations office added.