Taiwan, US Agree on Trade Facilitation, Other Non-Tariff Measures
The U.S. and Taiwan completed five chapters of a trade agreement similar to the issues under discussion in the Indo-Pacific Economic Framework, the U.S. announced late May 18.
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"We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles pressing 21st century economic challenges,” U.S. Trade Representative Katherine Tai said in a press release.
The early harvest covers customs administration and trade facilitation, good regulatory practices, domestic service regulations, anticorruption, and small and medium-sized enterprises.
Under the more than 30-page customs facilitation chapter, there will be electronic customs forms and electronic payments accepted in Taiwan. Taiwan will also maintain a website with information for exporters, including "procedures to correct an error in a customs transaction, including the information necessary to make the corrections and, if applicable, the circumstances when penalties will not be imposed." It also requires Taiwan to establish a Commercial Customs Operations Advisory Committee-type structure.
Taiwan and the U.S. promise to offer advance rulings from customs within 150 days after the agency receives the information it needs from the requestor.