July 18,2023

Senate Finance Committee Leaders Praise Passage of Bill to Approve Taiwan Trade Agreement

Washington, D.C.—U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Chair Ron Wyden (D-Oregon) praised the Senate’s passage of their legislation to approve the first trade agreement signed under the U.S.-Taiwan Initiative on 21st-Century Trade and set robust transparency and consultation requirements for any future agreements negotiated under the initiative. 

The bill, which was introduced in the U.S. House of Representatives by Ways and Means Committee Chair Jason Smith (R-Missouri) and Ranking Member Richard Neal (D-Massachusetts), passed by a voice vote and now will go to President Biden’s desk to be signed into law.  The Senate bill is cosponsored by Senators Chuck Grassley (R-Iowa), Tom Carper (D-Delaware), Debbie Stabenow (D-Michigan), Ben Cardin (D-Maryland), Tim Scott (R-South Carolina), Thom Tillis (R-North Carolina) and Marsha Blackburn (R-Tennessee).

“Deepening our ties with Taiwan and its vibrant democracy is important for strengthening our long-term partnership,” said Crapo.  “This legislation sends a strong message on Congress’s willingness to build a stronger trade partnership with Taiwan and clearly reasserts Congress’s constitutional authority over trade agreements.” 

“This bill demonstrates our strong bipartisan, bicameral support for Taiwan, gives the agreement Congress’s stamp of approval and lays out robust requirements on public transparency and congressional consultation for future trade agreements with Taiwan,” said Wyden.  “It's a win-win that will shore up our economic and strategic partnership with Taiwan and make sure Congress and the American people have a voice and vote when it comes to international trade.”

Given Congress’s constitutional authority over international trade, this approval bill is necessary to ensure that the agreement can enter into force and become a durable, reliable legal framework for both the United States and Taiwan.  This legislation will also ensure that this deal and future trade agreements between the United States and Taiwan are subject to strict requirements on consultation with Congress and transparency for the American public.

This agreement sets rules of the road in five areas of trade: customs administration and trade facilitation, good regulatory practices, services regulation, anti-corruption, and small and medium-sized businesses.