Readout: Minister Ng speaks with Taiwan’s Minister Deng
January 10, 2022 - Ottawa, Ontario - Global Affairs Canada
Yesterday, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, spoke with Taiwan Minister-without-Portfolio John Deng.
During the meeting, the two ministers agreed to begin exploratory discussions on a possible foreign investment promotion and protection arrangement (FIPA) between Canada and Taiwan.
Minister Ng highlighted Taiwan is a key trade and investment partner as Canada broadens its trade links and deepens its economic partnerships in the Indo-Pacific region. The ministers discussed the need for Canada and Taiwan to continue to work together to further promote supply chain resilience and mutually beneficial commercial opportunities, as well as to increase collaboration on science, technology and innovation, education, Indigenous affairs, and the green economy.
Minister Ng emphasized Canada’s commitment to inclusive trade, ensuring that trade and investment agreements benefit all, including women, Indigenous peoples, small business owners and underrepresented communities.
- Taiwan is Canada’s sixth-largest trading partner in Asia.
- In 2020, the value of Canadian direct investment in Taiwan reached $557 million; Taiwanese direct investment stock in Canada was $256 million.
- In 2020, the value of Canadian direct investment abroad totalled more than $1.46 trillion.
- In 2018, the assets of Canadian foreign affiliates abroad were worth more than $4.2 trillion.
- Foreign direct investment in Canada totalled more than $1.0 trillion in 2020.
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