In a press release, Toomey stated that the agreement would benefit both countries and strengthen Taiwan’s economic security in these uncertain times.
U.S. Senator Pat Toomey (R-Pa.) released the following statement after the White House announced the launch of the U.S.-Taiwan Initiative on 21st-Century Trade with Taiwan.
“Building closer ties between the United States and Taiwan is a strategic win for both, and this initiative is a good first step towards enhancing our trade relationship with one of the world’s most important economic regions. However, the initiative currently excludes market access provisions – including bilateral import tax cuts – that are traditionally the cornerstone of free trade agreements. Without market access, the direct benefits of this initiative for American workers, manufacturers, and consumers will be limited.
“Further, I am concerned that the Biden Administration appears to be following the Trump Administration’s lead in pursuing an ‘executive agreement’ that would not require approval by Congress and could be amended or revoked by executive fiat. In order to ensure a lasting trade relationship that provides crucial economic certainty to importers and exporters alike, the administration should submit to Congress for approval any trade agreement it negotiates with Taiwan.”
In the 116th Congress, Senator Toomey introduced a Senate resolution detailing the need for a comprehensive trade agreement with Taiwan.