Taiwan, Canada finalize negotiations on investment deal

25/10/2023    21

Taiwan says it has completed negotiations with Canada over a bilateral foreign investment deal and welcomed the rapid conclusion of the talks.

Taiwan and Canada have no diplomatic relations, but their economic and trade relations have been growing. Each other's investments are increasing in areas related to semiconductors and renewable energy.

The two sides launched the negotiations for the Foreign Investment Promotion and Protection Arrangement in February. The deal is designed to protect businesses of both sides.

Taiwanese authorities made the announcement on Tuesday. They say the pact will prohibit setting new regulations for investments without advance agreement. It will also encourage investments by women, small businesses and indigenous peoples.

The authorities say Taiwan hopes the arrangement will be signed and enter into effect early.

Taiwan touts the pact as demonstrating that both Taiwan and Canada are able to meet the high-standard rules of the global economy.

Observers say Taiwan hopes to gain momentum from the deal for joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. It expects support from Canada, which will chair CPTPP next year.

Canada released its Indo-Pacific strategy in November last year. It described China as "an increasingly disruptive global power," and placed importance to strengthen relations with Taiwan.

Source: NHK