US signs pact with Taiwan to hold annual economic talks for 5 years

Bloomberg

The US and Taiwan signed a pact to establish annual economic talks for five years despite objections by China
to Washington’s support for Taipei.
The memorandum of understanding was signed after an inaugural round of economic talks in Washington. Future discussions will alternate between the US and Taipei, Brent Christensen, director of the American Institute in Taiwan, said in a briefing in Taipei.
Both sides agreed that strategic cooperation on the semiconductor industry is a mutual priority, and will push for further collaboration in supply chains, science and technology, 5G and telecommunications security and global health. The talks were led by US State Department Undersecretary of State Keith Krach and Taiwanese minister John Deng.
The agreement can be extended another five years once the current pact is over, Taiwan’s Foreign Minister Joseph Wu said, adding he was confident the MOU would be supported by the next US administration.
Secretary of State Michael Pompeo launched the Economic Prosperity Partnership Dialogue with Taiwan in an effort to bolster cooperation. The talks follow repeated calls from Washington and Taipei for negotiations over a formal trade deal with Taiwan. Last month, 50 senators signed a letter urging US
Trade Representative Robert Lighthizer to begin talks with Taipei. Taiwanese President Tsai Ing-wen echoed the call, saying a trade deal would further strengthen the complementary nature of the two economies.
Pressure on Lighthizer to begin trade talks has increased since Tsai lifted Taiwan’s restrictions on the import of US beef in August, a long-standing impediment to a free-trade agreement with the US.