Taiwan, Canada lay foundations for bilateral foreign investment agreement

Beijing, Feb 8 (EFE).- Taiwan and Canada announced the start of formal talks to reach an agreement with the aim of stimulating trade and investment between the two countries, Taiwanese state news agency CNA reported Wednesday.

The agreement to start negotiations was announced Tuesday in separate statements after a virtual meeting between Taiwan’s chief trade negotiator John Deng and Canadian Trade Minister Mary Ng, CNA said.

The two governments said they have agreed to start formal talks on a Foreign Investment Protection and Promotion Agreement, more than six months after the two sides concluded “exploratory discussions” on the matter.

The island’s Trade Negotiations Office, headed by Deng, said talks planned to move forward with FIPA will demonstrate Taiwan’s “readiness to accept high-level global economic and trade rules” and “expand trade and investment opportunities” between both parties.

The agency said in a statement that the FIPA negotiations will cover issues related to the promotion, protection and liberalization of investments, in addition to addressing measures to help SMEs and support indigenous peoples, women and other groups in the business environment.

The announcement didn’t give a date for the start of negotiations.

In a separate statement, Ng said both sides would work to “secure new investment opportunities to support sustainable growth, establish new partnerships and ensure good paying jobs” through their negotiations.

Taiwan is a key trade and investment partner for Canada as Ottawa looks to increase its presence in the Indo-Pacific, Ng said.

According to data from the Taiwan government, bilateral trade between Taiwan and Canada amounted to $ 5.8 billion in 2022. EFE

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