Taiwan, Canada set to start exploratory talks on bilateral investment agreement

2022/01/13

Taiwan and Canada are set to start exploratory talks on a bilateral foreign investment promotion and protection agreement, according to the Executive Yuan Jan. 10.
 
The decision was reached during a virtual meeting earlier the same day between Minister without Portfolio John C. C. Deng and Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng.
 
Deng, who described the development as a milestone in bilateral relations, said such an agreement will play a key role in advancing government efforts to strengthen trade and investment ties between Taiwan and like-minded partners worldwide.
 
In response, Ng highlighted Taiwan’s importance as Canada deepens economic links in the Indo-Pacific, adding that it is necessary for the two sides to continue working together to ensure the agreement benefits all.
 
Deng and Ng also discussed ways to promote supply chain resilience and increase mutually beneficial collaboration on education, green economy, indigenous affairs, innovation, science and technology, and multilateral and regional trade issues.
 
Official statistics reveal that bilateral trade stood at US$5.5 billion in 2020, with Taiwan ranked as Canada’s 15th, 18th and 13th largest trading partner, export market and source of imports, respectively.
 
Taiwan’s direct investment in Canada totaled US$256 million as of year-end 2020, largely in financial services, information and communication technology software development, pharmaceuticals and transportation.
 
Investment in Taiwan from Canada amounted to US$557 million for the same period, mainly in financial services, ICT, manufacturing, renewable energy and transportation. 


Source: Taiwan Today (https://taiwantoday.tw/index.php)