The United States and Taiwan launched a new initiative to deepen trade ties on Wednesday, following the self-ruled island's exclusion from the recently launched U.S.-led economic framework for the Indo-Pacific.

Discussions for the U.S.-Taiwan Initiative on 21st-Century Trade, which will address issues including customs procedures and digital economy practices, could lead to "agreements with high standard commitments," according to the Office of the U.S. Trade Representative.

The first meeting under the initiative is expected to be held later in June in Washington, it said.

The agreement followed the launch of the Indo-Pacific Economic Framework for Prosperity in late May by the administration of U.S. President Joe Biden along with a dozen countries including Japan, South Korea, Australia and some countries in Southeast Asia. The Pacific island nation of Fiji also signed up later.

Taiwan has been hoping to become part of the framework called IPEF, but its inclusion has been seen as potentially controversial as it could inflame tensions with China and complicate efforts to attract Southeast Asian nations with close ties with Beijing.

While Taiwan was not included in the initial launch of the IPEF, a senior Biden administration official said the United States intends to "take a flexible" approach to IPEF participation in the future.

Taiwan and China have been separately governed since they split in 1949 as a result of a civil war. In 1979, the United States broke off diplomatic relations with Taipei and established them with the rival Chinese government in Beijing.

Washington, however, remains committed to unofficial relations with Taipei. It has also opposed China's moves to pressure Taiwan, which Beijing views as a renegade province to be united with the mainland, by force if necessary.

Trade areas that will be dealt with under the new U.S.-Taiwan initiative appear to have similarities between the four pillars the Biden administration says will be handled under the IPEF -- fair trade, supply chain resilience, infrastructure and clean energy, and tax and anti-corruption.

The USTR also said it will collaborate with Taiwan on ways to address "harmful nonmarket policies and practices," apparently referencing China's extensive use of industrial subsidies, allegations of theft of intellectual property and other trade measures that are deemed unfair.

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