TAIPEI (Taiwan News) — Taiwan and Canada have formally begun negotiations for a foreign investment promotion and protection agreement (FIPA), the Ministry of Foreign Affairs said on Tuesday (Feb. 7).

Taiwan Chief Trade Representative John Deng (鄧振中) and Canada Trade Minister Mary Ng held a virtual conference on Tuesday, affirming the results of bilateral exploratory discussions launched last year and formally announcing the beginning of FIPA talks.

Such an agreement will help Taiwan and Canada deepen their partnership, MOFA said. The ministry vowed to continue cooperating with the Cabinet’s Office of Trade Negotiation and other relevant ministries to finalize Taiwan-Canada FIPA talks as soon as possible “to promote bilateral investment and trade, build a more resilient post-pandemic supply chain, support the rules-based global economic and trade order, and promote peace, stability and prosperity in the Indo-Pacific region.”

In November, Canada revealed its Indo-Pacific Strategy and said it will promote multi-faceted exchanges in Taiwan-Canada relations and enhance bilateral economic and trade links, MOFA said.

The two nations began exploratory discussions last year after Ng held a meeting with Deng in January, 2022. Ng highlighted Taiwan as a key trade and investment partner as Canada seeks to increase its trade and economic ties in the Indo-Pacific region, according to a Canadian government statement.

The ministers agreed Canada and Taiwan must work together to further strengthen supply chain resilience, promote mutually beneficial commercial opportunities, and bolster cooperation in science, technology and innovation, education, Indigenous affairs, and the green economy, per the statement.

Taiwan is Canada’s sixth-largest trading partner in Asia.