Taiwan's Minister of Economic Affairs, Kung Ming-hsin (龔明鑫), recently asserted that three bilateral economic "pillars" with the United States will allow Taiwan's semiconductor industry to lead the global market for another twenty years. Coming from the official responsible for industrial policy, the claim is staggering. A sober analysis of these agreements suggests they may achieve the exact opposite.
In a recent interview, Minister Kung cited three frameworks: the Agreement Regarding Trade (ART), an investment memorandum of understanding (MOU), and the "Silicon Prosperity Declaration." He argued these instruments "perfect" Taiwan's global economic role. These claims are not merely inflated — they border on fiction.
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Symbolism Over Substance
Take the "Silicon Prosperity Declaration," issued during the sixthTaiwan–U.S. Economic Prosperity Partnership Dialogue (EPPD). Despite the fanfare from President Lai Ching-te (賴清德), the EPPD — a forum dating back to the first Trump administration — has a history of producing procedural press releases rather than substantive economic treaties. Meetings are often held via video link, signaling the low priority Washington actually assigns to them. Treating this declaration as a "pillar" for twenty years of industrial dominance is a significant overstatement.
This follows a familiar pattern. In 2022, the "U.S.-Taiwan Initiative on 21st-Century Trade" was hailed by the administration of then-President Tsai Ing-wen (蔡英文) as a landmark breakthrough. Today, its tangible contributions remain invisible, joining a long list of forgotten APEC-style initiatives that vanish once the summit ends.
