TAIPEI (Taiwan News) — Negotiations under the Taiwan-U.S. 21st Century Trade Initiative are nearing completion and a free trade agreement is in sight, President Tsai Ing-wen (蔡英文) said on Monday (May 8).

In a meeting with the visiting Taiwanese Chambers of Commerce of North America delegation, Tsai said much progress has been made after two rounds of negotiations and both sides have agreed to continue communication, per the Presidential Office press office. Taiwan looks forward to completing negotiations for this trade initiative this year and exploring the opportunity to sign a free trade agreement, she said.

The president said that Taiwan is the U.S.’ eighth largest trading partner and the two countries complement each other well in terms of industrial structure. If Taiwan can continue to deepen bilateral cooperation, it can certainly create more benefits for both peoples, she said.

Tsai said the government will continue to work hard to enhance Taiwan's international competitiveness and encouraged people to consider investing in Taiwan while working abroad. She pointed out that Taiwan's international influence continues to grow stronger due to the close and profound relationship between Taiwan and the U.S.

Tsai said that in the future, Taiwan's pace toward internationalization and connection with the world needs to be accelerated. She asked Taiwanese to help promote the country overseas, so more people can get to know Taiwan and increase its international visibility and influence.

In April, Foreign Minister Joseph Wu (吳釗燮) said that negotiations under the Taiwan-U.S. 21st Century Trade Initiative had gone smoothly and are expected to be completed before the end of this year. However, as for an agreement on avoidance of double taxation, Wu said progress depends on the U.S. and may not be ready for signing this year. He said Tsai has raised this issue on every occasion when meeting with U.S. officials.

Taiwan Chief Trade Representative John Deng (鄧振中) echoed the same optimism in January, saying a Taiwan-U.S. trade deal may be on the horizon. He said there were only a few issues left to be settled.

Taipei and Washington have held two rounds of negotiations. The first occurred from Nov. 8-9 in New York and the second was in Taipei from Jan. 14-17.