TAIPEI (TAIWAN) – Taiwan has no illusions regarding striking a long awaited free trade deal with the United States, however, “success will flow naturally” at the right time, the island’s chief trade negotiator said on Friday.
Taiwan has long awaited a bilateral trade deal with the United States, its most important international backer and supplier of arms.
With a few hours after President Joe Biden has assumed office, his nominee for treasury secretary, Janet Yellen, told lawmakers this week they would give priority for domestic investment in workers and infrastructure before getting onto making any new free trade agreements.
Minister without portfolio John Deng, who leads trade talks, told Taiwan’s government was aware of the fact that it was a major issue for the United States to sign free trade agreements with anyone, especially with a new government in office.
He said, speaking in his office near the presidential office, “We absolutely understand US politics and we do not have any unrealistic fantasies. The new government has its priorities and of course we need to understand that.”
But Deng said he was hopeful of making a deal eventually, pointing to the pork decision and support for an agreement among US lawmakers.
“We have always thought that this a matter of ‘when conditions are right, success will flow naturally’.”
“This is a very high priority project for us. But we also understand this involves lots of other countries, 11 of them, so we’re not willing to set a timetable or a target,” Deng said.
While Taiwan is a member of the World Trade Organization, many countries are sceptical when it comes to signing trade deals with the island fearing objections from China, despite the fact that Taiwan has free trade deals with Singapore and New Zealand.
Deng said, when asked about the chances of a deal with Britain, “There have been no negotiations but the British side knows Taiwan’s interest.”