Taiwan, Canada moot bilateral investment agreement
TAIPEI -- Taiwan and Canada are set to start exploratory talks on a bilateral foreign investment promotion and protection agreement, following a virtual meeting between Taiwan's Minister without Portfolio, John C. C. Deng, and Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development, Mary Ng.
Deng said an agreement would play a key role in advancing Government efforts to strengthen trade and investment ties between Taiwan and like-minded partners worldwide.
In response, Ng noted Taiwan's importance as Canada deepened economic links in the Indo-Pacific, adding that it was necessary for the two sides to continue working together to ensure the agreement benefitted 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.
Bilateral trade between Taiwan and Canada 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 totalled US$256 million as of December 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.