GYEONGJU, South Korea (Reuters) -Technical consultations for Taiwan-U.S. trade talks have been "largely finalised" and document exchanges are now underway, Taiwan's delegation to the APEC summit in South Korea said on Friday, marking progress in the protracted discussions.

Taiwan's exports to the United States are subject to a 20% tariff and while negotiations to reduce the tariff are ongoing, no final agreement has been reached. Semiconductors, a key Taiwanese export, are currently excluded from the tariffs.

In a statement, the Taiwanese delegation to the Asia-Pacific Economic Cooperation (APEC) summit in South Korea's Gyeongju said Taiwan's top trade negotiator, Jenni Yang, had met with U.S. Deputy Trade Representative Rick Switzer on Thursday.

The two officials exchanged views on key topics, including ways to further strengthen economic and trade relations between Taiwan and the United States, it added.

"Technical consultations for the Taiwan-U.S. reciprocal trade negotiations have been largely finalised, with document exchanges currently underway," the statement said.

"Both sides reviewed the progress and expressed their shared anticipation for deeper collaboration to promote industrial growth and economic development for both Taiwan and the United States."

The United States Trade Representative Office did not immediately respond to a request for comment sent outside of Washington office hours.

Taiwan, which dominates the production of advanced semiconductors powering the AI boom, has rejected a proposal floated in U.S. media last month by U.S. Secretary of Commerce Howard Lutnick for a 50-50 split in making chips.

But Taiwan has said it is considering forming a high-tech strategic partnership with the U.S., which wants increased Taiwanese investment.

Taiwan, home to the world's biggest contract chipmaker TSMC, runs a large trade surplus with the United States.

APEC is one of the few international forums in which Chinese-claimed Taiwan is able to participate. However, it does not send its president to the summit to avoid political problems with Beijing and host nations, none of which have formal diplomatic ties with Taipei.

The summit also serves as a venue for Taiwanese and U.S. officials to talk.

Taiwan's APEC delegation said Science Minister Wu Cheng-wen met with U.S. Under Secretary of State for Political Affairs Allison Hooker and Assistant Secretary of State for East Asia and Pacific Affairs Michael DeSombre.

"Both sides discussed the importance of the Taiwan-U.S. partnership, particularly in the context of ensuring peace and stability across the Taiwan Strait and furthering shared economic prosperity," it added.