Washington: The United States House of Representatives has passed a bill backing Taiwan’s bid to rejoin the International Monetary Fund (IMF), citing the island’s significant role in the global economy as justification for its membership.

According to Focus Taiwan, the House passed the Taiwan Non-Discrimination Act (H.R. 910) unanimously. This legislation directs the U.S. treasury secretary, who also serves as the U.S. governor to the IMF, to “vigorously support the admission of Taiwan as a member” of the institution. The IMF, with its 191 members, is responsible for promoting global financial stability and economic growth by offering financial assistance, policy advice, and economic surveillance.

Taiwan, officially known as the Republic of China (ROC), was one of the founding members of the IMF. However, its seat was taken by the People’s Republic of China (PRC) in 1980, following the loss of its United Nations seat to Beijing nine years earlier.

Rep. Young Kim (R-Cal), one of the bill’s initiators, advocated for Taiwan’s inclusion, highlighting its economic significance. “Taiwan — the 21st largest economy in the world and producer of 90 percent of the world’s advanced semiconductor chip supply — doesn’t just deserve a seat at the table at the IMF. The free world needs Taiwan at the IMF,” she remarked. Kim emphasized the importance of resisting Beijing’s influence in international organizations and expressed gratitude to her colleagues for supporting the initiative.

Al Green, a Democrat and co-initiator of the act, described the bill as a “common sense, bipartisan measure” that aligns with the long-term interests of both Taiwan and the U.S. He pointed out that Taiwan’s expertise in developing a complex economy would offer valuable insights to multilateral economic organizations.

The bill now awaits Senate approval before reaching the president, who can sign it into law or exercise a veto. A similar bill was previously passed by the House but did not succeed in the Senate.