TAIPEI, Feb 10 (Reuters) – Taiwan’s trade negotiating team has left for the U.S. to hold their final meeting on a trade and tariff deal struck last month, the island’s government said on Tuesday.
Under the terms of the agreement, tariffs on Taiwan’s exports to the U.S. will be cut to 15% from 20%.
Taiwan companies will also invest $250 billion to boost production of semiconductors, energy and artificial intelligence in the U.S., while Taiwan will also guarantee an additional $250 billion in credit to facilitate further investment.
Taiwan Vice Premier Cheng Li-chiun and chief trade negotiator Yang Jen-ni departed on Tuesday night and are expected to hold “a final meeting with the U.S. side regarding the ‘Taiwan–U.S. Agreement on Reciprocal Trade'”, Taiwan’s cabinet said in a statement.
Once the agreement is finally signed, the government will report the full details to the public and it will then go to parliament for approval, the statement added.
Semiconductor powerhouse Taiwan, which runs a large trade surplus with the U.S., says it aims to build a strategic high-tech partnership with the country, the Chinese-claimed island’s most important international backer despite the lack of official diplomatic ties.
(Reporting by Ben Blanchard; Editing by Andrew Heavens, William Maclean)
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