U.S.-Taiwan Initiative on 21st Century Trade - the Chapter on Small and Medium-sized Enterprises
1.Introduction to the Chapter on Small and Medium-sized Enterprises of the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade
In order to enhance economic and trade relations between Taiwan and the United States, the first agreement under the Taiwan-U.S. Initiative on 21st-Century Trade was signed on June 1, 2023. As part of this initiative, a chapter on small and medium-sized enterprises (SMEs) has been established, reflecting the mutual recognition of the significant role played by SMEs in driving economic development. The Chapter on SMEs aims to establish a collaborative mechanism between the two parties, facilitating the exchange of essential information for businesspeople. It also seeks to invite representatives from both sides, including businesspeople and officials, to engage in SME dialogues. The overarching goal is to enhance trade, investment, and cooperation prospects for SMEs in Taiwan and the United States. Additionally, the chapter aims to support Taiwanese SMEs in exploring business opportunities within the U.S. market.
2.Benefits to SMEs
In the Chapter on SMEs, it is mutually agreed by Taiwan and the United States to establish a regular "SME Dialogue" mechanism. This mechanism aims to facilitate industry-government connection between the two countries, with the involvement of the Taiwan government and SMEs.
- Enterprise Interaction: The objective is to establish a structured platform for regular communication between private sectors and leverage the potential of public associations to foster collaboration, mutual cooperation, and explore business prospects.
- Collaboration in Issue Resolution: The government and industries collaborate in identifying issues that are advantageous to SMEs, facilitating the exchange of information and successful case studies, and providing support to SMEs in finding suitable business partnerships.
- Resource Sharing: Facilitating the gathering of valuable information for SMEs in the areas of trade, investment and doing business. This will involve the creation of a centralized portal for easy access to these resources.
In the immediate term, the Chapter on SMEs will facilitate the exchange of information, fosters networking, and facilitates the exploration of potential business prospects for SMEs from both parties. Over time, the implementation of formal dialogues and respectful exchanges will result in increased tangible business prospects.
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