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.
Chinese President Xi Jinping (習近平) is aware that Beijing’s treatment of Hong Kong has weakened any possible sentiment for a “one country, two systems” arrangement for Taiwan, and has instructed Chinese Communist Party (CCP) politburo member Wang Huning (王滬寧) to develop new ways of defining cross-strait relations, Japanese news magazine Nikkei Asia reported on Thursday. A former professor of international politics at Fu Dan University, Wang is expected to develop a dialogue that could serve as the foundation for cross-strait unification, and Xi plans to use the framework to support a fourth term as president, Nikkei Asia quoted an anonymous source
LUCKY DATE: The man picked the 10th ‘Super Red Envelope’ in a lottery store in Taoyuan’s Jhongli because he broke up with his girlfriend on Jan. 10 A man who recently broke up with his girlfriend won a NT$1 million (US$32,929) prize in the “NT$20 million Super Red Envelope” lottery after picking a card based on the date of their breakup, Taiwan Lottery Co said yesterday. The man, in his 20s, bought the 10th ticket at a lottery store in Taoyuan’s Jhongli District (中壢), because he broke up with his girlfriend on Jan. 10, the store owner told the lottery company. The “Super Red Envelope” lottery was a limited offering by the company during the Lunar New Year holiday, which ended yesterday. The cards, which cost NT$2,000 each, came with
TOURISM BOOST: The transportation system could help attract more visitors to the area, as the line is to connect multiple cultural sites, a city councilor said Residents in New Taipei City’s Ankeng District (安坑) said the local light rail system might have a positive influence, but raised questions about its practicality. The Ankeng light rail system, which is to commence operations after the Lunar New Year holiday, would cut travel time for commuters from Ankeng to downtown Taipei or New Taipei City by 15 to 20 minutes, the city government said. According to the initial plan, there would be one train every 15 minutes during peak time and additional interval trains would run between the densely populated Ankang Station (安康) and Shisizhang Station (十 四張). To encourage people to
CHAMPION TREES: The team used light detection and ranging imaging to locate the tree, and found that it measured a height of 84.1m and had a girth of 8.5m A team committed to finding the tallest trees in the nation yesterday said that an 84.1m tall Taiwania cryptomerioides tree had been named the tallest tree in Taiwan and East Asia. The Taiwan Champion Trees, a team consisting of researchers from the Council of Agriculture’s Taiwan Forestry Research Institute and National Cheng Kung University (NCKU), in June last year used light detection and ranging (LiDAR) imaging to find the giant tree, numbered 55214, upstream of the Daan River (大安溪). A 20-member expedition team led by Rebecca Hsu (徐嘉君), an assistant researcher at the Taiwan Forestry Research Institute, set out to find the