The U.S. and Taiwan will seek to develop commercial programs and explore actions to strengthen critical supply chains through a new Technology Trade and Investment Collaboration framework announced recently by Commerce Secretary Gina Raimondo. The TTIC framework will also support actions focused on the bilateral investment environment, industry trends, and new opportunities.
From the U.S. side, one initial priority under the framework appears to be shoring up supplies of semiconductors, as shortages of this key input during the COVID-19 pandemic have slowed production of a wide range of products. A DOC press release said that during recent talks with her Taiwanese counterpart Raimondo “expressed the United States’ continued interest in working together with Taiwan on issues of common commercial concern, particularly in the area of semiconductor supply chains and related eco-systems.”
DOC added that the two officials committed to “regularly engaging with partners and stakeholders across critical supply chains, related eco-systems, and associated customer bases” and to “identifying other steps to support semiconductors and other critical supply chains.” A notice from Taiwan’s Ministry of Economic Affairs said other areas of cooperation could include 5G as well as electric vehicles and their components.
Copyright © 2022 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.