Francis Tuschek
U.S. Representatives Young Kim and Al Green have introduced a bipartisan bill known as the Taiwan Non-Discrimination Act, advocating for Taiwan’s inclusion in the International Monetary Fund (IMF).
The legislation aims to ensure Taiwan’s involvement in IMF activities, create job opportunities for Taiwanese citizens at the IMF, and provide Taiwan with IMF assistance.
“We cannot let the Chinese Communist Party silence Taiwan and infringe on its freedoms any longer,” stated Kim, a Republican from California, in a Tuesday news release.
“Taiwan is a significant player in the global economy, and its participation in the IMF would be beneficial for all countries involved. This bipartisan initiative demonstrates our dedication to Taiwan’s development and the promotion of democratic values globally,” added Green, a Democrat from Texas.
The bill highlights Taiwan’s position as the 21st-largest economy in the world and the 10th-largest trading partner of the U.S., as well as its participation in the WTO, the Asian Development Bank, and APEC, along with its considerable foreign reserves.
The proposed legislation argues that Taiwan has been unfairly excluded from the IMF, citing the Taiwan Relations Act of 1979, which states that the act should not be interpreted as a basis for Taiwan’s exclusion from any international financial institutions or organizations. Additionally, Taiwan was a member of the IMF for nine years after the U.S. recognized the People’s Republic of China and admitted it to the IMF in 1980.
The bill also notes that Kosovo, despite not being a UN member, has been part of the IMF and World Bank since June 2009.
In order for the bill to become law, it must be approved by the U.S. House of Representatives, then the Senate, and finally signed by President Donald Trump.
This isn’t the first time Kim and Green have introduced such legislation; the House passed a similar proposal regarding Taiwan’s IMF participation last January. Previously, Kim also led an initiative for the U.S. Secretary of State to formulate a strategy to restore Taiwan’s observer status in the WHO and the World Health Assembly.
The IMF, which has 191 members, works to promote global financial stability and economic growth by providing financial assistance, policy advice, and economic oversight to its members.
