Taiwan and the United States have agreed to set up a new framework for collaboration on key technologies, including semiconductors, Taipei`s economics ministry announced Tuesday.
Taiwan economic minister (Ms) Wang Mei-hua told reporters that she and US Secretary of Commerce Gina Raimondo reached agreement to set up a formal "Technology Trade and Investment Collaboration Framework" (TTIC) during a transpacific virtual meeting.
Wang told reporters later Tuesday morning that "we signed this new agreement to let both sides have a formal mechanism to promote mutual cooperation and investment in key areas such as semiconductors, 5G and electric vehicles."
Wang confirmed that high-tech product exports from Taiwan to the US were rising in the wake of the US-China trade war.
"Supply chains are shifting and many sensitive information and telecommunication products are being made in Taiwan and exported to the US so our trade surplus with the US will rise, but the US will benefit from safer informatics and telecom goods," Wang added.
According to economics ministry data, the United States was Taiwan's second largest trading partner and Taiwan was the US's ninth largest trading partner in 2020.
Despite the impact of the Covid-19 pandemic, total bilateral trade volume rose by nearly 2.4% to over 83 billion US dollars and had risen to 85.6 billion US dollars during the first 10 months of 2021, 26.2% higher than the January-October period last year, according to ministry data.