Given Taiwan's pivotal position in the global economy, the island's newly elected president, Lai Ching-te, hinted on Wednesday, January 24, that he would want Taipei to become a member of the Indo-Pacific Economic Framework, which is headed by the United States.
Desire to Become a Member
As part of the attempt made by the Biden administration to fight what it perceives to be Beijing's expanding economic and military pressure in the area, the US did not include Taiwan, a semiconductor powerhouse, in the framework when it was established in 2022.
Instead, the US then launched the US-Taiwan Initiative on 21st Century Trade, which integrates the existing US-Taiwan Economic Prosperity Partnership Dialogue and Technology Trade and Investment Collaboration Framework.
During a meeting with the US-Taiwan Business Council in Taipei, Lai expressed Taiwan's significant position in the global economy and said that the three current institutions reflect the values held by the Indo-Pacific Economic Framework, as reported by Reuters.
Lai was quoted as stating, "I very much hope that this can become an important basis for Taiwan to join the Indo-Pacific Economic Framework in the future."
Now serving as vice president, Lai will assume the role of president of Taiwan on May 20.
Vital Global Economic Role
The world's biggest contract chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), makes the island nation a key player in the semiconductor industry. Its products find their way into many electronic devices, from microwaves and iPhones to fighter planes.
The Foreign Ministry released a supplementary statement announcing that two members of the Congressional Taiwan Caucus, Mario Diaz-Balart and Ami Bera, would be visiting Taiwan this week. During their trip, they will meet with Lai and President Tsai Ing-wen.
China's Opposition
Historically, Taiwan has been interested in becoming a member of the Indo-Pacific Economic Framework.
US negotiators worked tirelessly last November to finalize trade discussions on the Indo-Pacific Economic Framework proposal, but they were unable to do so in time for the Asia Pacific Economic Cooperation conference.
US President Joe Biden had intended to introduce the initiative at the summit as a substitute for closer commercial relations with China.
The Chinese government has spoken out against the US Indo-Pacific initiative, claiming that Washington is establishing "exclusive clubs" in the region.
China-US relations would likely become much more strained if Taiwan were to participate in the Indo-Pacific Economic Framework. Beijing would likely be enraged by any indication of support from Washington over the island.
