Taiwan and India yesterday signed a new bilateral investment agreement (BIA) and a treaty to mutually recognize respective authorized economic operation (AEO) programs, the Ministry of Foreign Affairs said, touting them as major achievements in the government’s New Southbound Policy.
The pacts were inked by Representative to India Tien Chung-kwang (田中光) and India-Taipei Association Director-General Sridharan Madhusudhanan, and witnessed by Minister of Economic Affairs Shen Jong-chin (沈榮津) and Deputy Minister of Finance Wu Tzu-hsin (吳自心) in Taipei.
While Taiwan and India had signed a BIA in 2002, which came into effect in 2005, a new agreement was signed to update it and ensure that Taiwanese businesspeople’s investments in India are treated in line with international standards, ministry Department of East Asian and Pacific Affairs Deputy Director-General Fan Hui-chun (范惠君) told a news conference in Taipei.
Given the expanding range of information and communication technology (ICT) investments, the BIA was revised after referencing the latest international investment agreements, Fan said.
“We believe [the new BIA] would help boost bilateral investments and be conducive to Taiwan’s ICT industry’s expansion to India,” Fan said, adding that the agreement includes indirect investments made by Taiwanese businesspeople from places like Vietnam and Singapore.
As the BIA is patterned after international standards, future business disputes will be dealt with by an impartial third party, sparing Taiwanese businesspeople the lengthy process of setting disputes in India’s legal system as they had to in the past, she said.
With regard to the AEO Mutual Recognition Agreement, Fan said that as India is one of Taiwan’s top 20 trading partners, the two nations have signed a customs mutual assistance agreement, a temporary admission pact, or ATA carnet, and an action plan to develop mutual recognition of AEO programs.
“Taiwan and Australia also have an AEO mutual recognition agreement that allows businesses from both sides to enjoy expedited customs clearance, which should help increase their competitiveness,” Fan said.
The signing of the two pacts not only lays a more solid foundation for deeper relations between Taiwan and India, but also opens a new page in trade and economic cooperation, she said.
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