ISTANBUL

The first pact under the Taiwan-US 21st Century Trade Initiative officially took effect on Tuesday.

A statement by Taiwan’s Office of Trade Negotiations said the pact “demonstrates the rock-solid partnership” between Taipei and Washington and it will “deepen economic and trade cooperation and create new milestones together.”

It added that the pact covers commitments to customs administration and trade facilitation, regulatory practices, and rules for running domestic service industries, as well as anti-corruption and small- and medium-sized enterprises.

Taipei and Washington launched the initiative on June 1, 2022, and the US Congress approved it in July 2023.