Whereas the United States and Taiwan share a close bilateral relationship, codified in the Taiwan Relations Act ( 22 U.S.C. 3301 et seq.), which has been of enormous economic, cultural, and strategic advantage to both the United States and Taiwan; Whereas the United States-Taiwan relationship is critical for the promotion of prosperity, democratic values, and regional security throughout the Asia-Pacific region; Whereas Taiwan is a member of the World Trade Organization, the Asia-Pacific Economic Cooperation grouping, and the Asian Development Bank, and is one of the largest and most important economies in the Asia-Pacific region; Whereas in 1994, the United States and Taiwan signed a Trade and Investment Framework Agreement (TIFA) that has served as the foundation for bilateral trade promotion, trade dispute resolution, and investment cooperation between the two economies; Whereas in 2016, Taiwan was the United States tenth-largest trading partner in goods with more than $65,000,000,000 in goods traded between the two, and in addition the United States was the leading country for foreign direct investment in Taiwan; Whereas in 2015, Taiwan was the United States seventh-largest market for agricultural products with $3,200,000,000 in United States exports to Taiwan, an amount that could increase more rapidly under a bilateral trade agreement; Whereas a bilateral trade agreement between the United States and Taiwan would provide a means to continue facilitating the growth of this valued trading partnership while addressing certain outstanding issues affecting United States exports, allowing both the United States and Taiwan to continue to invest and share in each other’s economic success; Whereas a bilateral trade agreement between the United States and Taiwan could reduce regulatory barriers that currently affect United States agricultural products and various United States services, while respecting each partner’s intellectual property rights