The governments of Canada and Taiwan, have finalized on a bilateral investment deal to ensure economic development of both countries. This was disclosed on Tuesday by the Canadian Minister of Trade, Mary Ng and the government of Taiwan.
This is sequel to the request for diplomatic and moral support made by Taiwan to Canada. Taiwan’s request is as a result of the military and political pressure mounted on the country by China to allow Beijing claim sovereignty over the island.
To boost its economic and political power, Taiwan has been seeking trade relationship with Western countries.
Canada has accepted Taiwan’s request and the bilateral investment deal which borders on ‘Foreign Investment Promotion and Protection Arrangement’.
This is a realization of Canada’s intention to increase trade and its influence in the Indo-Pacific region.
According to the figures released by Canada, the trade agreement between Canada and Taiwan has risen from C$7.4 billion in 2020 to C$10.2 billion in 2021. Canada’s total bilateral trade with the world is more than C$1.5 trillion.
The good news was welcomed by Taiwan’s government and the country’s Office of Trade Negotiations promised to sign the investment deal once administrative procedures are completed before the end of 2023.
“Of course we aim to sign as soon as possible, hopefully before the end of the year,” Taiwan’s chief trade negotiator, John Deng, said while speaking with the media in Taipei.
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