The U.S. goods trade deficit
with Taiwan was $15.2 billion in 2006, an increase of $2.4 billion from $12.8
billion in 2005. U.S. goods exports in 2006 were $23.0 billion, up 4.3 percent
from the previous year. Corresponding U.S. imports from Taiwan were $38.2
billion, up 9.7 percent. Taiwan is as of June 2015, the 11th largest export
market for U.S. goods. U.S. exports of private commercial services (excluding
military and government) to Taiwan were $6.4 billion in 2005 (latest data
available), and U.S. imports were $6.4 billion. Sales of services in Taiwan by
majority U.S.-owned affiliates were $10.2 billion in 2004 (latest data
available), while sales of services in the United States by majority
Taiwan-owned firms were $475 million.
The stock of U.S. foreign
direct investment (FDI) in Taiwan was $13.4 billion in 2005. U.S. FDI in Taiwan
is concentrated largely in the finance, manufacturing and wholesale trade
sectors. The United States and Taiwan continued to work together to enhance
economic cooperation through bilateral Trade and Investment Framework Agreement
(TIFA) process.
The TIFA, which was established in 1994, is an
important mechanism for both parties to resolve bilateral trade issues and to
address the concerns of the U.S. business community. The United States and
Taiwan held a productive meeting of the fifth meeting of the TIFA Joint Council
in Taipei, May 25–26, 2006, covering issues related to agricultural trade,
intellectual property rights, pharmaceuticals, government procurement and investment,
as well as other areas.
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