Canadian Trade Minister Mary Ng said Canada's decision to start formal bilateral trade talks with Taiwan was part of a broader strategy for the Indo-Pacific region.

(Bloomberg)

[Compilation of Lu Yongshan/Comprehensive Report] Taiwan and Canada agreed on February 7 to formally launch the "Investment Promotion and Protection Agreement" (FIPA) negotiations to strengthen bilateral trade and investment.

Canadian Trade Minister Mary Ng said in an interview with CNBC on the 21st that Canada's decision to start formal bilateral trade negotiations with Taiwan is part of a broader strategy in the Indo-Pacific region.

"I was able to start what's called FIPA, which is an investment and assurance arrangement with Taiwan and part of Canada's Indo-Pacific diversification strategy, and we consulted very extensively with the Canadian people before starting the dialogue," Ng noted. ".

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According to Taiwan's official statistics, the bilateral trade between Canada and Taiwan reached US$5.82 billion last year. Taiwan is Canada's 13th largest trading partner in the world and the fifth largest trading partner in Asia.

According to the data, last year Taiwan's exports to Canada amounted to US$3.3 billion, while Canada's exports to Taiwan amounted to US$2.52 billion.

Taiwan's foreign ministry said the agreement would build more resilient supply chains post-pandemic and jointly support a rules-based international economic and trade order.

Wu Fengyi said that in addition to Taiwan, Canada is also exploring growth opportunities in the region, and said Canada is negotiating with ASEAN on cooperation in various trade fields.

Canada announced its Indo-Pacific strategy in October last year.

"You can see in this strategy that we have a very comprehensive plan for how Canada will develop in the region. This region covers 40 economies, more than 4 billion people and $47.19 trillion in economic activity," Ng said. , the fastest growing region in the world and home to six of Canada's 13 largest trading partners."

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