Friday, March 24, 2023
HomeAg NewsTaiwan Delegation Signs $3 Billion Commitment for U.S. Corn, Beans

Taiwan Delegation Signs $3 Billion Commitment for U.S. Corn, Beans

A Taiwan Ag trade mission has signed a commitment to buy billions worth of U.S. corn and soybeans.

The Taiwan Agricultural Trade Goodwill Mission signed letters of intent to buy between 96 million and 107 million bushels of U.S. soybeans and 59 million bushels of corn over the next two years.

The pledge announced in Washington D.C. and in Iowa is worth close to three billion dollars and comes amid increasing China-Taiwan and China-U.S. tensions and decades of lobbying by Taiwan for a free trade deal with the United States.

Support is building on Capitol Hill for a bilateral trade agreement with Taiwan.

California Democrat Judy Chu; “Congress should exercise our constitutional authority to pursue a bilateral FTA with Taiwan.”

And Iowa Republican U.S. Senator Chuck Grassley, ahead of the Iowa signings said; “On Capitol Hill, here, there was a ceremony of like signing and I was a guest at that, but I didn’t stay around to see who actually did the signing, but I spoke very shortly, about the friendship with Taiwan and the necessity of trading with Taiwan, and to thank them for purchasing our products.”

Taiwan imported almost $4 billion worth of U.S. farm goods last year, while China—the largest buyer of U.S. corn and soybeans, bought over $19 billion worth.

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