“This accomplishment represents an important step forward in strengthening the U.S.-Taiwan economic relationship,” said Ambassador Katherine Tai. “It demonstrates how we can work together and advance mutual trade priorities on behalf of our people. We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles pressing 21st century economic challenges.”

The first agreement under the initiative covers the areas of customs administration and trade facilitation, good regulatory practices, services domestic regulation, anticorruption, and small and medium-sized enterprises, read the  United States Trade Representative website.

Through these provisions, U.S. businesses will be able to bring more products to Taiwan and Taiwanese customers, while creating more transparent and streamlined regulatory procedures that can facilitate investment and economic opportunities in both markets, particularly for small- and medium-sized enterprises.

"Once signed, this agreement will deepen the trading partnership and enhance U.S.-Taiwan trade flows in order to promote innovation and inclusive economic growth for workers and businesses," read the statement.

The agreement will be signed by AIT and TECRO in the coming weeks, in both English and Chinese.

Following the signing of the agreement, the United States and Taiwan, under the auspices of AIT and TECRO, will commence negotiations on additional trade areas set forth in the initiative’s negotiating mandate.