TAIPEI, Taiwan: The American Chamber of Commerce in Taiwan has recommended that the United States “urgently” initiate talks with Taiwan on a Bilateral Trade Agreement, with a “completed text presented for passage in 2024.”

Taiwan has also been campaigning for such an agreement, as it would be a strong show of support for the Chinese-claimed island in the face of unrelenting diplomatic and military pressure from Beijing.

The chamber of commerce, AmCham Taiwan, said such an agreement would encourage other like-minded partners to enter into similar arrangements with Taiwan, further opening Taiwan’s economy and “effectively” address the economic and security implications of the island’s key chip industry.

“In addition to these strategic trade elements, with their clear implications for U.S. defense preparedness, a trade agreement would bolster both the U.S. and Taiwan’s economic and thus overall security, vis–vis China,” the chamber said.

Chamber President Andrew Wylegala told reporters in Taipei that there were “no clear indicators” the Biden administration was contemplating a trade agreement in the near term, but one could come at a later date.

Taiwan and the United States will hold high-level trade talks in Washington at the end of June under a new U.S.-Taiwan Initiative on 21st-Century Trade.