TAIPEI (Taiwan News) — Taiwan and Canada have begun exploratory discussions on the Foreign Investment Promotion and Protection Arrangement (FIPA), paving the way for closer bilateral cooperation.
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) discussed the issue over video link Monday (Jan. 10). The two also exchanged opinions on trade and supply chain tenacity, according to a Cabinet statement.
At the core of FIPA is protection and liberalization of investments and inclusivity. The agreement is meant to ensure fair treatment of investors, transparent dispute-settling mechanisms, and increased representation of female and indigenous members in boardrooms and arbitration systems.
The two sides have also agreed to explore further commercial opportunities and new areas of collaboration, from technology to education.
Taiwan is Canada's 15th-largest trade partner and 18th-largest export market. Bilateral trade was worth US$5.5 billion in 2020.
Taiwanese investment in the North American country spans fields of transportation, financial services, ICT, and pharmaceuticals. Canadian businesses have shown interest in Taiwan’s renewable energy, ICT, manufacturing, wholesale, and financial sectors.
Yesterday I met with Minister John Deng, where we agreed to begin discussions towards a possible Foreign Investment Promotion and Protection Arrangement (FIPA) between Canada and Taiwan. pic.twitter.com/INlY95o7YE— Mary Ng (@mary_ng) January 10, 2022