Taiwan and Canada have agreed to begin formal negotiations on a pact aimed at spurring bilateral trade and investment, they said on Tuesday.
In separate announcements following a virtual meeting between Taiwan’s top trade negotiator Minister Without Portfolio John Deng (鄧振中) and Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng (伍鳳儀), Taipei and Ottawa said they agreed to begin formal talks on a foreign investment promotion and protection arrangement (FIPA).
In June last year, the two sides concluded months-long “exploratory discussions” on a FIPA.
Photo: Reuters
The negotiations would demonstrate Taiwan’s “willingness to accept high-standard global economic and trade rules” and “expand investment and trade opportunities” between Taiwan and Canada, the Office of Trade Negotiations said in a statement.
FIPA negotiations are to cover issues related to investment promotion, protection and liberalization, it said.
They would also touch on measures to assist small and medium-sized enterprises and support indigenous people, women and other groups in the business environment, it said.
No start date for negotiations was announced.
Ng said in a Canadian statement that both sides would work to “secure new opportunities for investment to support sustainable growth, establish new collaborations and ensure good, well-paying jobs” through the negotiations.
Taiwan is a key trade and investment partner for Canada, as Ottawa seeks to increase its presence in the Indo-Pacific region, Ng said.
Canada looked forward to building on existing trade ties with Taiwan, particularly in advanced manufacturing sectors and agriculture, she added.
Bilateral trade between Taiwan and Canada totaled US$5.8 billion last year, government data showed.
By the end of last year, direct investment by Taiwanese businesses in Canada reached US$600 million, while direct investment in Taiwan by Canadian enterprises rose to nearly US$1 billion, the data showed.
Canada has drawn investment from Taiwan’s logistics, high-tech and financial companies, such as China Airlines, Evergreen Marine Corp, Taiwan Semiconductor Manufacturing Co and Mega International Commercial Bank Co.
Meanwhile, Canadian firms with investments in Taiwan include business jet manufacturer Bombardier, healthcare product manufacturer AMD Medicom and clothing brands Roots and Lululemon Athletica.
Separately, Clete Willems, former deputy director of the US National Economic Council, told a US House of Representatives Financial Services Committee hearing in Washington on Tuesday that the US should sign more trade agreements with countries such as Taiwan to counter economic threats from China.
The administration of US President Joe Biden has not been pushing the right policies to reduce the US’ reliance on China in the post-COVID-19 era, Willems said in a hearing on combating the “economic threat” from China.
If Washington wants US companies to leave China, it needs to make it easier to link its supply chains with other markets and provide businesses with incentives, he said.
“I would like to see more trade agreements, in particular in the Indo-Pacific. Taiwan would be a top candidate for me,” said Willems, who served in the administration of former US president Donald Trump.
Washington should also try to renegotiate the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to make it work for US interests, Willems said.
He said he supported the “Taiwan non-discrimination act,” introduced last month by US Representative Young Kim, who is on the US House Financial Services and Foreign Affairs committees, and US Representative Al Green.
The bill seeks to ensure that the US representative on the IMF board of governors advocates for Taiwan’s admission in the international financial institution as a member.
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