Taiwan and Canada are preparing to soon launch their first round of discussions on a possible bilateral foreign investment promotion and protection agreement (FIPA), a source close to the matter said yesterday.
Communication has been excellent as the two sides move toward the negotiations, which are likely to begin in about two weeks’ time, the source said, speaking on condition of anonymity.
Details about the first meeting, which is to be held in Taiwan, would not be publicized until the talks are over, the source said.
Photo: Reuters
In early February, Taiwan’s top trade negotiator, Minister Without Portfolio John Deng (鄧振中), made a joint announcement with Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng (伍鳳儀), saying that the two sides had agreed to begin formal negotiations on a FIPA, with the aim of spurring bilateral trade and investment.
The announcement came more than six months after the two sides concluded extensive “exploratory discussions” on the FIPA in June last year, but Deng and Ng did not say when the actual negotiations would start.
The Office of Trade Negotiations, headed by Deng, said in February that the FIPA negotiations would cover issues related to the promotion, protection and liberalization of investment.
They would also include measures to assist small and medium-sized enterprises and support Indigenous people, women and other groups in the business environment, the office said.
A separate source on Friday said that Taiwan’s ban on Canadian beef from cattle over the age of 30 months would likely prove a major stumbling block during the talks.
The initial discussions had been progressing “very smoothly” until the beef issue came up, said the source, speaking on condition of anonymity.
On Jan. 1, 2021, Taiwan lifted a ban on imports of US beef from cattle over the age of 30 months.
Trade between Taiwan and Canada totaled US$5.8 billion last year, government data showed.
Direct investment by Taiwanese businesses in Canada was US$600 million, while direct investment in Taiwan by Canadian enterprises was nearly US$1 billion, the data showed.
Meanwhile, the first source said that Taipei and Washington have been making good progress negotiating the US-Taiwan Initiative on 21st Century Trade.
Two rounds of negotiations have so far been concluded: the first in New York on Nov. 8 and 9 last year, and the second in Taipei from Jan. 14 to 17.
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