Taiwan, Canada to begin negotiations on a financial agreement with Reuters


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© Reuters. Canada’s Minister of International Trade Mary Ng addresses a Question Box at the House of Commons at Parliament Hill in Ottawa, Ontario, Canada November 29, 2021. REUTERS / Blair Gable

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TAIPEI (Reuters) – Taiwan and Canada have agreed to start a financial security agreement, both governments said on Monday, in an effort to strengthen China’s ties with fellow democracies against Beijing’s pressure.

Taiwan has been focusing on trade activities and what it considers to be allies such as the United States and the European Union.

Despite being a member of the World Trade Organization, Taiwan is the only country that has free trade agreements with two major economic powers, Singapore and New Zealand, and China has forced countries not to cooperate directly with the Taipei government.

Taiwan’s cabinet said John Deng, the country’s chief of business, had met nearly with Canadian Foreign Minister Mary Ng, and the two had agreed to start a “discussion” on Foreign Investment Promotion and Protection Arrangement, or FIPA.

A cabinet report said the move was “necessary” to strengthen economic and trade ties.

The Canadian government, which, like many countries, has no strong ties with Taiwan, said in a statement that Ng “has shown that Taiwan is a great business and economic ally as Canada expands its trade relations and expands its economic relations in the Indo-Pacific region.”

A direct meeting between the two prime ministers could anger China, which has urged efforts to secede from Taiwan while Beijing claims independence.

China sees the democratically elected Taiwan state as part of its non-governmental territories, a view strongly opposed by the Taiwanese government.

Canada is also a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, which Taiwan and China have asked to join.

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