Economic cooperation between Taiwan and the U.S. has been getting closer. The Ministry of Economic Affairs (MOEA) announced on October 7 that Minister Mei-hua Wang would lead a delegation to visit the U.S. from October 9 to October 16 to further promote industrial, economic, and trade interactions between the U.S. and Taiwan. In addition to launching the first Taiwan Expo in the U.S., Minister Wang would also attend a number of important events to promote bilateral business, consolidate Taiwan's important position in global supply chains, and respond to all concerns about supply chain resilience.
The MOEA stated that Minister Wang's visit to the U.S. had 3 significant objectives: First, to increase exchanges between Taiwan and the U.S. following the reopening of Taiwan's borders on October 13; second, to facilitate direct interactions between Taiwanese and U.S. business stakeholders in order to jointly vie for global business opportunities; and third, to engage with all sectors of the U.S. in response to recent concerns about supply chain resilience and geopolitical issues.
The MOEA has also stated that Taiwan and the U.S. are mutually important economic partners and have built comprehensive supply chain partnership. Trade between Taiwan and the U.S. last year exceeded US$100 billion for the first time. In recent years, the bilateral relationship has continued to strengthen. Both sides jointly established the Economic Prosperity Partnership Dialogue (EPPD) and the Technology Trade and Investment Collaboration (TTIC) Framework, while launching the Initiative on 21st-Century Trade to continue deepening bilateral economic relations.
The MOEA noted that during the visit to the U.S., Minister Wang also discussed with American enterprises and business associations how to boost cooperation on global supply chains. Moreover, the delegation visited various industrial headquarters in the Silicon Valley, which have close business ties with Taiwan's semiconductor suppliers, to bolster investment and consolidate Taiwan's supply chain security and resilience.
On October 13, Taiwan implemented quarantine-free reopening of its border. To promote Taiwan's excellent brand image and attract more foreigners to Taiwan, the MOEA commissioned TAITRA to organize the first ever Taiwan Expo in Washington, D.C. This exhibition is known as the Taiwan Expo throughout its world tour and has been held respectively in Malaysia, Vietnam, Thailand, and India. The Taiwan Expo would be held from October 12 to October14, focusing on 5G, smart cities, smart vehicles, smart healthcare, tourism, culture, and food. Minister Wang would also attend the opening ceremony of the Taiwan Expo.