Taiwan and the US share a common belief in ‘free, fair and reciprocal’ trade
With an economic foundation based on semiconductor manufacturing and ICT products and components (of which America is a huge consumer), Taiwan is integrated with the supply chains of leading US technology brands.
According to Albert Chang, Chairman of the American Chamber of Commerce in Taipei (AmCham), Taiwan and the US share a common belief in ‘free, fair and reciprocal’ trade. He urges Washington to continue strengthening economic ties with Taiwan by entering into a bilateral FTA-like agreement.
‘To a large extent, the technology sector, which is now the backbone of the Taiwanese economy, evolved from the electronics industry which US companies established here in the 1960’s and 1970’s’, says Chang. ‘The engineers and managers trained in those operations went on to work in domestic Taiwan based companies. Today, the importance of and strong cooperation between Silicon Valley and Taiwan is well known and there is enormous opportunity for more partnerships through joint ventures, licensing and strategic alliances’.
As the US and Taiwan continue to build on their strong economic ties, this long and rich history of mutual respect and prosperity continues to benefit both partners.
‘Taiwan is often overlooked due to political complications, its exclusion from the United Nations and its market size compared with mainland China’,concludes Chang. ‘However, as an economic entity and a member of the international trading community, Taiwan is gaining attention through increased engagement with the rest of the world’.