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Canada’s decision to enter formal bilateral trade talks with Taiwan is part of a broader strategy for the Indo-Pacific region, Canada’s international trade minister told CNBC on Tuesday.
Taiwan and Canada agreed on February 7 to begin formal negotiations on a trade agreement aimed at strengthening trade and investment between the two countries.
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“I was able to launch what we call FIPA – it’s a foreign investment protection arrangement with Taiwan, but it’s mainly part of Canada’s strategy for the whole region,” Mary Ng said.
Bilateral trade between Canada and Taiwan will reach $5.82 billion in 2022, according to Taiwan’s official statistics. Taiwan is Canada’s 13th largest trading partner in the world, and the fifth largest trading partner in Asia. Taiwan’s exports to Canada totaled $3.3 billion last year, and Canada’s exports to Taiwan totaled $2.52 billion in the same period, according to these data.
The agreement “will establish more resilient supply chains in the post-coronavirus era, support the international economic and trade order,” Taiwan’s Foreign Ministry said.
Aside from Taiwan, Ng said Canada is also looking at additional growth opportunities in the region, adding that talks are underway with the Association of Southeast Asian Nations (ASEAN) on various trade areas for cooperation.
“The Indo-Pacific region will play a critical role in shaping Canada’s future over the next half century,” Canada said in an official document on the subject in November. “The region encompasses 40 economies, more than four billion people and $47.19 trillion in economic activity. It is the fastest growing region in the world and home to six of Canada’s top 13 trading partners.”
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