Members of the U.S. House of Representatives reintroduced a bill Friday that would require Washington to pursue membership and meaningful participation for Taiwan at the International Monetary Fund (IMF).

The bipartisan bill, titled "Taiwan Non-Discrimination Act of 2021," was introduced by Republican Anthony Gonzalez of Ohio and Democrat Al Green of Texas.

Gonzalez said that Taiwan's participation in the IMF as a leading world economy would be essential to helping the multinational body achieve its objectives, while also taking a stand against the Chinese Communist Party's threat to international institutions.

"I am proud to reintroduce this bill that would give Taiwan a seat at the table in response to the ever growing threat posed by China's authoritarian government," the House Representative said.

"The United States will always stand by Taiwan and support its efforts to participate in international institutions," he added.

Green said that Taiwan's entry to the IMF was of "paramount importance" due to the country's rapidly expanding and diversified economy.

Green emphasized that, as a global leader, Taiwan deserved a role in the institution.

"Our bill would require the U.S. Governor of the IMF to use the voice and vote of the U.S. to urge Taiwan's participation and membership in the Fund," Green said.

Gonzalez's statement also said that Taiwan had the 21st largest economy in the world and had built up more than US$472 billion in foreign exchange reserves, surpassing Brazil, India, and South Korea.

Through membership of the IMF, Taiwan could take part in the fund's economic monitoring, contribute to the IMF's resources, and provide the perspective of a society that has successfully lifted itself out of poverty, according to the statement.

The current bill's predecessor, "Taiwan Non-Discrimination Act of 2020," was introduced on May 22, 2020 by Gonzalez but not enacted.

The previous bill required action to be taken to improve Taiwan's standing in the international financial institution, and also called for limiting China's increasing influence over the institution.

Source: Focus Taiwan News Channel