Canada and Taiwan have completed talks on a bilateral deal to boost foreign investment and will work to make sure it takes effect promptly, Canadian Trade Minister Mary Ng and Taiwan’s government said on Tuesday.
The Foreign Investment Promotion and Protection Arrangement is part of Canada’s plan to increase trade and influence in the Indo-Pacific region. Taiwan’s government welcomed the news. Its Office of Trade Negotiations said the deal will be signed once “administrative procedures” are completed, including legal reviews of the text.
He said the agreement would help with Taipei’s bid to join a major pan-Pacific free trade pact, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP.Taiwan has been lobbying members such as Canada to back its application, saying that unlike Beijing, Taipei supports transparency and rule of law in its own economy and in doing business with other countries.