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United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act
1/23/2024, 2:30 PM
Summary of Bill HR 4004
The bill aims to strengthen economic and trade relations between the United States and Taiwan by promoting bilateral trade and investment. It seeks to enhance cooperation in areas such as intellectual property rights, market access, and regulatory transparency. Additionally, the bill aims to address non-tariff barriers to trade and promote the exchange of goods and services between the two countries.
Furthermore, the bill includes provisions to support Taiwan's participation in international organizations and agreements related to trade and investment. It also calls for the establishment of a working group to monitor and assess the implementation of the TIFA and make recommendations for further cooperation between the United States and Taiwan. Overall, the United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act is aimed at deepening economic ties between the United States and Taiwan and promoting mutual prosperity through increased trade and investment opportunities.
Congressional Summary of HR 4004
United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act
This bill expresses the approval of Congress for the June 1, 2023, agreement regarding trade between the United States and Taiwan. The bill also imposes requirements on the negotiations of certain further trade agreements between the United States and Taiwan. (The June 1, 2023, agreement, which addresses issues such as customs administration and regulatory practices, is the first of several expected agreements under the United States-Taiwan Initiative on 21st-Century Trade.)
The June 1, 2023, agreement may enter into force no earlier than 30 days after the President certifies in writing to Congress that Taiwan has taken measures necessary to comply with the agreement.
The bill also imposes requirements on the negotiation of further agreements under the United States-Taiwan Initiative on 21st-Century Trade, such as requiring the U.S. Trade Representative (USTR) to (1) share any U.S. negotiating texts with Congress prior to sharing the text with Taiwan or any parties outside of the executive branch, (2) share any negotiating texts from Taiwan within three days of receipt, and (3) provide daily briefings to certain Members of Congress during negotiating rounds. A further agreement shall not take effect unless (1) the President, at least 60 days before entering into the further agreement, makes the text publicly available on a USTR website; and (2) a bill is enacted into law expressly approving the further agreement.
