President Ma Ying-jeou met on the morning of November 17 with former US Secretary of Labor Elaine L. Chao. In addition to explaining the major strides in the relationship between Taiwan and the United States in recent years, the president also called for the signing of a bilateral investment agreement as soon as possible, which would further deepen bilateral economic and trade ties.
In remarks, President Ma stated that in the six years that he has been in office, Taiwan and the United States have maintained close and friendly trade, economic, security, and people-to-people ties. He said that bilateral relations are at their best state in the past 35 years.
The president further stated that US President Barack Obama on November 12 clearly brought up the Taiwan Relations Act at a press conference held after he met with mainland Chinese leader Xi Jinping (習近平), and reiterated that the position of the United States on the Taiwan issue has not changed. President Ma noted that President Obama on November 16 delivered an address at the University of Queensland in Australia, where he stated that democracy is not just a Western value, and that Asian nations such as Japan, Taiwan, and South Korea have built thriving democracies. And more importantly, said President Ma, six years ago when he was elected president, former US President George W. Bush sent a message commending Taiwan as "a beacon of democracy to Asia and the world." This, President Ma said, indicated that in the United States, both the Democratic and Republican parties strongly endorse the democratic achievements of Taiwan.
Turning to the issue of bilateral economic and trade ties, President Ma stated that in the first half of this year Taiwan surpassed India to become the 11th largest trading partner of the United States. Meanwhile, the United States is Taiwan's third largest trading partner and the largest source of foreign direct investment in Taiwan, he said. The president remarked that in a bid to enhance opportunities for bilateral cooperation, Taiwan and the United States in March of last year resumed negotiations under the Trade and Investment Framework (TIFA) Agreement, and in April of this year held the eighth TIFA meetings between the two sides in Washington, DC. President Ma also reiterated his hopes that the two sides will sign a bilateral investment agreement as soon as possible in order to expand the opportunities for cooperation in the areas of investment and trade. In particular, he said, the US hopes Taiwan will participate in the SelectUSA investment initiative, and this will be more easily done if the two sides sign a bilateral investment agreement.
Noting that former Secretary Chao has long paid close attention to the financial sector, and that during this trip to Taiwan she will exchange opinions with local banks, the president briefed her on the advancements in financial ties between Taiwan and the United States in recent years. He stated that the ROC's Central Bank and the United States Federal Reserve have always maintained close ties. President Ma noted that Taiwan's net international investment position stood at US$851 billion as of the end of last year, and holdings of US treasuries constituted the majority of Taiwan's external financial assets. He mentioned that Taiwan's Financial Supervisory Commission in 2010 signed a memorandum of understanding for supervisory cooperation with the US National Association of Insurance Commissioners.
Commenting on the state of cross-strait relations in recent years, the president told former Secretary Chao that he actively set about improving cross-strait ties upon taking office, and that the two sides have so far signed 21 agreements, thus reducing tensions. In addition, Minister Wang Yu-Chi (王郁琦) of the Executive Yuan's Mainland Affairs Council and Minister Zhang Zhijun (張志軍) of mainland China's Taiwan Affairs Office of the State Council made reciprocal visits in February and June of this year, during which the two officials referred to each other by their official titles. President Ma elaborated that on November 12 the two held a third round of discussions in Beijing during the APEC meetings there. This marks the first time in 65 years since the two sides came under separate rule that two officials in this capacity have held such talks, which is setting the foundation for continued peace and prosperity between the two sides of the Taiwan Strait, remarked the president.
President Ma then expressed his deepest congratulations to former Secretary Chao and her father Dr. James S.C. Chao (趙錫成) for receiving honorary doctoral degrees from National Chiao Tung University. The president also congratulated her husband, Republican Senator Mitch McConnell, for winning re-election, and for his coming assumption of the position of majority leader in the Senate next year.
Lastly, President Ma expressed hope that former Secretary Chao will take advantage of this visit to Taiwan to exchange opinions with individuals from a variety of sectors here and that she will continue to promote cooperation and interaction between Taiwan and the United States.