TAIPEI (Taiwan News) — Taiwan and Canada have concluded negotiations for the Taiwan-Canada Foreign Investment Promotion and Protection Agreement (FIPA), the Ministry of Foreign Affairs announced on Tuesday (Oct. 24).

This accomplishment will facilitate economic and trade exchanges and promote investment between the two parties, as well as underscore the continued deepening of their economic and trade partnership, MOFA said in a press release. The ministry pledged to continue cooperating with the Cabinet’s Office of Trade Negotiations to complete subsequent signing procedures.

“We look forward to a more robust two-way investment and trade relationship between Taiwan and Canada, the establishment of more resilient supply chains, and joint support for a rules-based international economic and trade order,” MOFA said. This agreement will contribute to peace, stability, and prosperity in the Indo-Pacific region, it added.

The first round of FIPA talks began in April.

The Office of Trade Negotiations said in a statement that the deal is “one of the most comprehensive and high-standard investment agreements signed among countries in recent years.” The agreement provides investors with the highest level of protection, predictability, and convenience, it said.

Taiwan is Canada's sixth-largest trading partner in Asia, the office noted, adding that bilateral trade volume in 2022 reached approximately $5.8 billion.