Sun, Nov 13, 2022 page1

• Taiwan economic security ‘key for US’

  COMPATIBLE INTERESTS: Taiwan is a trusted partner and an indispensable link in global supply chains, Minister John Deng told a Hoover Institution meeting

  • By Yang Cheng-yu and Jonathan Chin / Staff reporter, with staff writer
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  Taiwan’s economic security is critical for US technological leadership and supply chain resilience, Minister Without Portfolio John Deng (鄧振中), who heads the Executive Yuan’s Office of Trade Negotiations, said yesterday.

  Deng made the statement in a keynote speech at a meeting of the Hoover Project on Taiwan in the Indo-Pacific Region via teleconference that emphasized geopolitical aspects of the bilateral economic relationship.

  The Hoover Institution’s project supports research and dialogue about Taiwan’s democracy and society, and “the pivotal position Taiwan occupies” in the world, according to its Web site.

  

  Minister Without Portfolio John Deng talks via video link at a Hoover Project on Taiwan in the Indo-Pacific Region meeting held by the Hoover Institution yesterday.

  Photo Courtesy of the Executive Yuan’s Office of Trade Negotiations

  The tension in the Taiwan Strait is a result of systemic competition between market-centric democracies and authoritarian regimes that practice state capitalism through a planned economy, Deng said.

  Taiwan’s economic prowess and resilience — which are a result of 50 years of peace and stability — have ensured the country plays a crucial role in the global supply chain, he said, adding that US collaboration with Taiwan would make global trade safer and stronger.

  Taipei and Washington have cause to be concerned about the challenges the global economic system faces, a crisis underscored by recent events at the WTO, he said.

  Taiwan’s economy is built on the foundations of fair, free and competitive international trade, which can be made more robust and efficient by closer cooperation between the country and the US, Deng said.

  Taiwan’s and the US’ core interests are compatible, as they both depend on the inclusive, rules-based system of international trade that exists now and ensuring that the next global crisis does not disrupt supply chains, he said.

  Any harm to Taiwan’s economic safety would weaken US leadership in key fields, Deng said, adding that China has achieved partial success in its bid to create self-sufficient supply chains in crucial sectors, including semiconductor manufacturing.

  Taiwan is a trusted partner of the US and its allies, and an indispensable link in global supply chains that must not be broken, he said.

  The country’s economic security is part of its national security, and affects the national security and interests of the US, and the health of the US-led international order, he said.

  The Economic Prosperity Partnership Dialogue, Technology Trade and Investment Collaboration framework, Trade and Investment Framework Agreements and US-Taiwan Initiative on 21st-Century Trade are the key mechanisms of Taiwan-US cooperation, he said.

  The last of these is being negotiated, he said, adding that he hopes the talks can be completed by the end of next year.

  Signing a deal based on the Taiwan-US Initiative on 21st-Century Trade would send a strong message to the international community that the US can and will support Taiwan with actions, which would have political and economic significance, he said.

  A more robust economic partnership would be beneficial for both countries and the international community, he said.
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