The Bill also seeks to involve Taiwan’s participation in the IMF’s regular surveillance activities relating to the nation’s economic and financial policies…reports Asian Lite News
The United States House of Representatives introduced a Bill calling on Washington to support Taiwan’s participation in the International Monetary Fund (IMF) as a member, Focus Taiwan reported.
US House of Representatives Young Kim and Al Green, on Thursday, introduced the Taiwan Non-Discrimination Act seeks to ensure that the US Governor of the international fund advocates for Taipei and the provision of IMF technical assistance and training to the country. The Bill also seeks to involve Taiwan’s participation in the IMF’s regular surveillance activities relating to the nation’s economic and financial policies, job opportunities at the IMF for the nationals, and the provision of IMF technical assistance and training to Taipei, as per the report in Focus Taiwan.
The IMF is a global organization of approximately 180 member countries set up to promote the health of the world economy.
“As the 21st largest economy in the world and the 10th largest goods trading partner of the United States, Taiwan deserves a seat at the IMF,” Kim, who serves on the House Financial Services Committee and House Foreign Affairs Committee, said in a statement released on January 26.
“I am proud to be a co-lead of the Taiwan Non-Discrimination Act led by Congresswoman Kim. This bill requires the U.S. Governor of the International Monetary Fund (IMF) to use the voice and vote of the U.S. to urge Taiwan’s participation and membership in the IMF,” Rep. Green said.
“As a leading world economy, Taiwan’s experience in promoting sound economic policies can be instrumental in helping the IMF achieve its mission. Thus, it deserves a seat at the table. My hope is that this bill will help steer it toward that direction,” he added, according to the statement.
As per the Bill, “Taiwan is the 21st largest economy in the world and the 10th largest goods trading partner of the United States. Although Taiwan is not an IMF member, it is a member of the World Trade Organization, the Asian Development Bank, and the Asia-Pacific Economic Cooperation forum.”
According to the January 2020 Report on 15 Macroeconomic and Foreign Exchange Policies of 16 Major Trading Partners of the United States, published by the Department of the Treasury, Taiwan 18 held USD 471,900,000,000 in foreign exchange reserves, 19 more than major economies such as India, South 20 Korea, and Brazil.
According to the section of the Taiwan Relations Act (Public Law 96-8), enacted on April 10, 23 1979, ”Nothing in this Act may be construed as a 24 basis for supporting the exclusion or expulsion of 25 Taiwan from continued membership in any international organization.”.
A Bill to promote Taiwan’s membership of the IMF was first introduced in May 2020 by then-Rep. Anthony Gonzalez, who did not run for re-election last year.
In November 2021, Gonzalez and Green again presented a bill with the same purpose, which, however, failed to pass the House by the end of its term. (ANI)