India Free Trade Agreement With Taiwan

Sana Hashmi, a fellow at the National Chengchi University in Taipei and author of “China`s Approach Towards Territorial Disputes: Lessons and Prospects,” said it was useful for India to move economically with Taiwan. Taiwan`s Foreign Ministry also said Sunday that it would continue its initiative to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, an agreement that grew from the Trans-Pacific Partnership (TPP) abandoned after the United States withdrew from the agreement. At Friday`s event, Chen is expected to sign a Memorandum of Understanding on Bilateral Economic Cooperation, which will be part of discussions that Taiwan`s Economy Ministry says will include global health care, supply chain security, energy development and 5G network development, as well as infrastructure investments. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website. [59] Bilateral trade relations between India and Taiwan have changed significantly over the past decade, with trade almost six-fold, from $1 billion in 2000 to $7.5 billion in 2019. This upward trend, combined with balanced trade, represents the potential of bilateral trade between nations, which, if properly exploited, could be of paramount importance to both countries. It can therefore be concluded that the economic potential of India-Taiwan relations has not been explored. The integration of Taiwan`s New Southbound Initiative, in which Taiwan intends to cooperate with South Asian countries, is linked to India`s “Act East Policy,” an initiative to promote economic, strategic and diplomatic relations with the Asia-Pacific region, which could lead to the creation of a highly fruitful and profitable economic relationship. Although Taiwan has been on the front line and has even proposed to speed up trade negotiations, the same kind of enthusiasm is not visible at the end of India.

The two countries have a common point of pain – China – and this has brought them even closer together, along with common economic values and principles. The strong byte that Joseph Wu, Foreign Minister for the Republic of China (Taiwan), recently gave that his country`s investments in India amounted to about $2.3 billion and that some 65,000 Indians had obtained employment through them, is a declaration of intent for Taiwan to continue its relations with India.