US introduces bipartisan bill to secure Taiwan's membership in IMF
US Representatives Advocate for Taiwan's Inclusion in IMF
US Representatives Young Kim and Al Green have introduced the "Taiwan Non-Discrimination Act," a bipartisan bill aimed at including Taiwan in the International Monetary Fund (IMF). The bill encourages the IMF to involve Taiwan in its activities, provide job opportunities for Taiwanese citizens, and extend assistance to the island nation.
Support from US Representatives
Young Kim, a Republican from California, stated, "We cannot allow the Chinese Communist Party to silence Taiwan or undermine its freedom." Al Green, a Democrat from Texas, highlighted Taiwan's significant role in the global economy, emphasizing that its return to the IMF would benefit all nations. He remarked, "This bipartisan measure demonstrates our commitment to Taiwan's growth and the global strengthening of democratic values."
Importance of Taiwan in Global Economy
The bill underscores Taiwan's status as the world's 21st-largest economy and the US's 10th-largest trading partner. Taiwan is an active member of organizations like the World Trade Organization (WTO), the Asian Development Bank (ADB), and the Asia-Pacific Economic Cooperation (APEC). Its exclusion from the IMF is considered unjust, especially in light of the Taiwan Relations Act of 1979, which states that the US should not support Taiwan's expulsion from international institutions.
Historical Context and Legislative Process
The bill notes that Taiwan was a member of the IMF for nine years after the US recognized the People's Republic of China in 1979. It also points out that Kosovo, not a UN member, has been part of both the IMF and the World Bank since 2009. For the bill to become law, it must pass the US House of Representatives, the Senate, and receive approval from President Donald Trump. This is not the first attempt by Kim and Green; a similar proposal passed the House last January. Kim has also led efforts to restore Taiwan's observer status in the World Health Organization (WHO).
Doubts Revealed
US Representatives
US Representatives are people elected to make laws and decisions for the United States. They are like members of the Lok Sabha in India.
Young Kim and Al Green
Young Kim and Al Green are politicians in the United States. They work in the US House of Representatives, which is part of the government that makes laws.
Taiwan
Taiwan is an island country in East Asia. It has its own government but is claimed by China as part of its territory.
IMF
IMF stands for International Monetary Fund. It is an organization that helps countries with money matters, like giving loans and advice on economic policies.
Taiwan Non-Discrimination Act
The Taiwan Non-Discrimination Act is a proposed law in the US. It aims to include Taiwan in the activities of the IMF, which it is currently excluded from.
Chinese Communist Party
The Chinese Communist Party is the ruling political party in China. It has a lot of control over the country's government and policies.
US House and Senate
The US House and Senate are parts of the US Congress. They are like the Lok Sabha and Rajya Sabha in India, where laws are discussed and passed.
Presidential approval
Presidential approval means that the President of the United States must agree to a bill for it to become a law. It's like the President giving a final 'yes' to a new rule.
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