The United States and Taiwan signed a five-year agreement Friday in Washington to create an annual U.S.-Taiwan Economic Prosperity Partnership Dialogue to increase bilateral cooperation.
The Washington meeting covered economic areas such as supply chains, investment screening and renewable energy.
"Future EPP Dialogues will help strengthen the U.S.-Taiwan economic relationship, further magnify the two societies' respect for democracy, and strengthen our shared commitment to free markets, entrepreneurship, and freedom," the U.S. State Department said in a statement.
The U.S. delegation was headed by the Undersecretary of State for Economic Growth, Energy, and the Environment Keith Krach, and the Taipei delegation by Taiwanese minister without portfolio John Deng.
U.S. officials from the American Institute in Taipei, the de facto U.S. Embassy for Taiwan, and the Taiwan government officials participated in the meeting virtually.
The EPP Dialogue will operate under the auspices of the AIT and the Taipei Economic and Cultural Representative Office.
According to data from the United States Trade Representative's office, U.S. trade with Taiwan in 2019 amounted to $103.9 billion.
Under the Trump administration, U.S. has been selling more advanced weapons to Taiwan, including Harpoon missile systems announced in October, at a cost of $2.37 billion.