The Taiwanese government responded positively to the 2021 Taiwan White Paper released by the American Chamber of Commerce in Taiwan (AmCham), on the initiative to establish the Taiwan Commercial Initiative(TCI) with the goal to eventually achieve a Bilateral Trade Agreement(BTA) along with focuses on accelerating digital transformation and energy concerns of the island nation.
Restoring TIFA Talks?
The TCI includes urging the US government to restore the bilateral Trade & Investment Framework Agreement, or“TIFA talks,” after a five-year hiatus. Taiwan’s Investment Department stated its commitment to enhancing Taiwan’s investing environment. They further mentioned that Taiwan outnumbered other countries in businesses attending this year’s SelectUSA Investment Summit.
Taiwan has held talks in sync with the US on a number of issues including semiconductors, unmanned aerial vehicles, and pandemic preventions. Taiwan’s Economy Ministry will embark on building a trade and investment platform with the US Department of Commerce in the future and deepen bilateral economic ties.
Secondly, the document stated that while solid progress was made by the Taiwanese government to attain a targeted energy mix of 50% natural gas, 30% coal, and 20% renewables by 2025, it called Taiwan’s current target of cutting carbon emissions of 2005 levels by half in 2050 too moderate compared to neighboring countries with far more aggressive goals to reduce carbon emissions to net zero by 2050 or 2060. As well as raising further concerns on the city grid resiliency and suggests streamlining the regulatory approval to encourage new energy projects.
The Taiwanese government stated to abide by“more green energy, more natural gas, carbon reduction and nuclear-free” guidelines for energy transformation, and make multiple land usages for power efficiencies such as establishing fishery and electricity symbiosis to combine farming and photovoltaics. Moreover, officials will take steps to simplify the application processes and maintain a flexible timeline.
Intellectual Property Rights
Finally, Taiwan’s Intellectual Property Office has pledged to discuss with the Food and Drug Administration (TFDA) to enhance intellectual property rights on pharmaceuticals and refer to international regulations on violations to seek reasonable regulations for the country.