Go Party? Go Skafa! Go Skafa! Go Party!

The U.S. trade deficit with Taiwan was $15.2 billion in 2006, an increase of $2.4 billion from $12.8 billion in 2005. In 2006, exports of goods to the United States amounted to $23.0 billion, up 4.3% from the previous year. Corresponding U.S. imports from Taiwan were $38.2 billion, an increase of 9.7%. Taiwan is the eleventh largest export market for U.S. products since June 2015. U.S. exports of private commercial services (excluding the military and government) to Taiwan totaled $6.4 billion in 2005 (the most recent data available) and U.S.

imports were $6.4 billion. In 2004, sales of services to Taiwan by U.S.-led subsidiaries led by the majority of the United States amounted to $10.2 billion (latest data available), while in the United States, the majority of sales of services by Taiwanese companies were $475 million. The stock of foreign direct investment in the United States (FDI) in Taiwan amounted to $13.4 billion in 2005. U.S. FDI in Taiwan focuses primarily on wholesale trade, finance and production. The United States and Taiwan continued to cooperate to improve economic cooperation through bilateral trade and investment framework agreements (TIAAs). TIFA, established in 1994, is an important mechanism for both parties to resolve bilateral trade issues and address U.S. business concerns. The United States and Taiwan held a productive meeting of the fifth meeting of the TIFA Joint Council in Taipei from 25 to 26 May 2006, at which issues related to agricultural trade, intellectual property rights, medicines, procurement and investment, and other areas were discussed. The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose overall objective was to promote international trade by removing or removing trade barriers, such as tariffs or quotas. According to its preamble, its objective was to „substantially reduce tariffs and other trade barriers and eliminate mutually beneficial and reciprocal preferences.“ A Framework Agreement on Trade and Investment (TIFA) is a trade pact that establishes a framework for expanding trade and resolving open disputes between countries.

„This important trade and investment agreement will help develop and strengthen our economic relationship with the Gulf Cooperation Council, an important U.S. strategic partner in the Middle East and North Africa,“ said Ambassador Kirk. „The U.S. is very appreciating its economic relationship with this group, which is one of the priorities of our efforts to increase U.S. and U.S. jobs.

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