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There are parallels between the newly launched Indo-Pacific
Economic Framework talks and the Taiwan talks, Bianchi told
Reuters in an interview, but the latter initiative is aimed at
increasing links with Taiwan on specific economic issues.
"I think we are eager to get going with Taiwan and to scope out
our negotiating mandate there and ... a range of issues from
small-medium enterprises to digital trade to labor and we look
forward to getting going as quickly as possible," Bianchi said.
Asked if the Taiwan initiative could bear fruit sooner then the
Indo-Pacific Economic Framework (IPEF) talks, she said:
"Potentially yes, it could."
The Chinese-claimed island was excluded from the 14-country IPEF
initiative launched last week by President Joe Biden. However,
USTR announced separate, bilateral trade talks with Taiwan on
Wednesday. [L1N2XO0YC]
IPEF, which seeks to return an economic pillar to U.S.
engagement in the region, will include Japan, India, South
Korea, Indonesia, Vietnam, Australia and other countries in the
region, but not China.
Bianchi said IPEF would also get started right away, with plans
for discussions, including ministerial-level meetings in coming
months to organize the topics for the talks and to begin
proposing texts for an agreement by the end of the summer.
CHOOSING PILLARS
The IPEF talks will allow member countries to choose among the
key "pillars" in which they will participate, including digital
trade rules, supply chain resiliency and trade facilitation,
infrastructure development and strong labor rights and
environmental standards.
But participation in all pillars is not required, and initial
meetings will focus on defining which ones countries will
choose, Bianchi said. Countries that choose only one or two can
still have meaningful engagement with the United States and
other IPEF members, she said.
Neither the IPEF nor the Taiwan talks will include the tariff
reductions and enhanced market access offered by traditional
free trade agreements.
Bianchi said IPEF is meant to be a "21st century agreement to
really address 21st century problems," including barriers to
digital trade such as data localization requirements or onerous
regulations that make it difficult for companies to operate in
some countries. Fixing these problems will also enhance market
access, she said.
(Reporting by David Lawder; Editing by Kenneth Maxwell)
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