Taipei, Oct. 7 (CNA) Economy Minister Wang Mei-hua (王美花) will lead a delegation to the United States this weekend for the first physical meeting under the Technology Trade and Investment Collaboration (TTIC), the Ministry of Economic Affairs (MOEA) said on Friday.
In a statement, the MOEA said Wang was to leave for the United States on Sunday and stay there until October 16.
An MOEA official told CNA that Wang will discuss with US officials the importance of Taiwan’s security to global industrial development at the meeting and discuss supply chain issues.
In late September, US Secretary of State Antony Blinken warned in an interview with CBS’s 60 Minutes that an attack on Taiwan could devastate the global economy because the island produces most of the world’s semiconductors.
The TTIC, established in December 2021, is a framework for bilateral cooperation between Taiwan and the United States to develop trade programs and strengthen supply chains of critical technologies.
According to the U.S. Department of Commerce, the TTIC aims to promote two-way investment, study industry trends, and explore new opportunities and investments in the U.S. market.
The official said US officials plan to explain to the Taiwanese delegation the benefits of the CHIPS and Science Act and the Inflation Reduction Act for Taiwanese businesses.
The CHIPS Act aims to provide subsidies to investors to increase the production of semiconductors in the US market, while the Inflation Reduction Act aims to curb inflation by reducing the deficit, lowering the prices of prescription drugs and investing in national energy production while promoting clean energy. .
In addition to the TTIC meeting, the MOEA said Wang will open the first Taiwan Expo USA in Washington on October 12.
The expo will focus on a wide range of industry developments such as 5G, smart cities, smart vehicles, smart healthcare, tourism, culture and food to better showcase Taiwan to the world. The event will run until October 14, the MOEA added.
The MOEA said Wang and his delegation will also visit U.S. companies and trade associations during the trip in a bid to boost exchanges and cooperation on global supply chains.
Among the US companies the Taiwanese delegation plans to visit, several are headquartered in Silicon Valley and have close business ties with Taiwanese semiconductor suppliers.
The visits are aimed at encouraging U.S. companies to build Taiwan’s supply chain resilience and security through investment, the MOEA said.
The MOEA said the visit by the delegation led by Mr. Wang would be significant given the imminent quarantine-free reopening of Taiwan’s borders on Oct. 13.
The MOEA added that it expected the reopening to increase trade between Taiwan and the United States.
The delegation’s visit will also spur Taiwan and the United States to work more closely to seize business opportunities in the global market, the MOEA said.
The two sides also expect to have in-depth discussions on geopolitical issues, the MOEA added.
In addition to the TTIC, Taiwan and the United States have two other high-level bilateral economic dialogue platforms: the Trade and Investment Framework Agreement (TIFA) and the Interstate Economic Prosperity Partnership Dialogue. States and Taiwan (EPPD).
The two also started the “US-Taiwan 21st Century Trade Initiative” dialogue.
Bilateral trade between Taiwan and the United States exceeded $100 billion for the first time in 2021, according to the MOEA.