Press Release

 Legislative Yuan

February 9, 2023

Legislative Yuan President You Si-kun received a 26-member delegation led by Amb. Paul D. Wolfowitz, Emeritus Chairman of the

US-Taiwan Business Council 

You Si-kun: Taiwan and US have close business ties and should further cooperation as democratic countries

Accompanied by Secretary General Lin Jih-jia, Consultant Chou Ya-shu, Secretary Director Kung Ping-Chieh, and Deputy Foreign Minister Lee Chun, Legislative Yuan President You Si-kun received a delegation from the US-Taiwan Business Council led by Amb. Paul D. Wolfowitz at 10:30 a.m. today, February 9.

On behalf of Taiwan’s Legislative Yuan, President You welcomed Ambassador Wolfowitz and President Rupert Hammond-Chambers. President You said that he had traveled to Washington D.C. to speak the previous week and was delighted to make many new friends. Following remarks, the two sides then exchanged views on many topics, during which time President You shared that he was deeply touched by the support and attention paid by the US to Taiwan.  

In his remarks, President You pointed out that the US is Taiwan’s strongest ally and most important trade partner. This is in no small part to the efforts of the US-Taiwan Business Council and of Ambassador Wolfowitz and President Hammond-Chambers. On behalf of the Legislative Yuan, President You congratulated Ambassador Wolfowitz for having received the Order of Brilliant Star with Grand Cordon. 

President You shared that Taiwan is the US’s eighth-largest trading partner, while the United States is Taiwan’s second-largest trading partner. Two-way trade reached US$124.8 billion in 2021. In terms of investment, bilateral trade has doubled over five years ago, showing increasingly close economic ties.

President You said that global trade had been drastically affected by COVID-19 over the past three years, resulting a restructuring of global supply chains. And yet, Taiwan’s determination to promote the Technology Trade and Investment Collaboration Framework (TTIC) and the U.S.-Taiwan Initiative on 21st-Century Trade remains unchanged. Based on our strong foundation of close cooperation, Taiwan and the US have now completed the second round of negotiations under the U.S.-Taiwan Initiative on 21st-Century Trade and can look forward to reaching consensus and signing a bilateral trade agreement at an early date.

President You further pointed out that following China’s economic rise, it has engaged in repression at home and expansion abroad. Its hegemonic nature and imperial dynasty mindset are clear. Several days ago, in a report released by the United States, it was said that China leads the world in counterfeit and pirated products. WeChat, China’s most popular chat app, is one of the largest platforms for the trading of counterfeit goods. China harms the economic security of US workers and runs counter to the US trade policy of being fair and inclusive. China also steals trade secrets, particularly in the areas of aerospace and nanotechnology. During the pandemic, when the entire world was fighting with the virus, Chinese hackers were found to have attacked hospitals, laboratories, pharmaceutical manufacturers, and public health departments to steal research and intellectual property related to COVID-19. Such actions prove that China is not a trustworthy country.

President You then built the case for a link between democracy and economic development. The global democratic camp needs to establish safe and reliable partnerships. Taiwan is a democratic country that upholds the rule of law. Many of Taiwan’s industries are crucial to the restructuring of global industrial chains. Taiwan is willing to have exchanges, cooperation, and closer economic links with the world. The U.S.-Taiwan Business Council is an important bridge to bring both nations together and share Taiwan’s desire to engage in bilateral trade negotiations. President You closed by again expressed gratitude to the guests. 

In his remarks, Ambassador Wolfowitz said that this was the largest delegation he had ever led. While meeting with President Tsai Ing-wen and Foreign Minister Jaushieh Joseph Wu the previous day, he had shared a message of confidence and peace. He was delighted that despite the present crisis, a survey conducted by the U.S.-Taiwan Business Council showed that foreign companies have increasing confidence in Taiwan. This stands testament to how Taiwan has been committed to upholding cross-strait peace, and that the crisis was mainly caused by China. The ambassador underscored that there would be no winners from a cross-strait conflict. He said he thought it a pity that democratic Taiwan was being threatened by an authoritarian regime, and that Taiwan’s fate concerned not only the people of Taiwan, but also the interests of all people around the world. Therefore, US support for Taiwan also means supporting free people everywhere. He concluded by thanking Taiwan for safeguarding democracy in the western Pacific and for making contributions that have been felt the world over.