Minister Ng speaks with Taiwan’s Minister Deng

February 7, 2023 – Ottawa, Ontario – Global Affairs Canada

Creating investment opportunities across borders is key to ensuring Canada’s long-term growth, future prosperity, and a more resilient, inclusive, and sustainable economy.

Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, spoke with Taiwan’s Minister without Portfolio, John Deng, in the capacity of Trade Representative.

The two Ministers discussed their shared ambition to strengthen trade and investment between Canada and Taiwan, and agreed to begin formal negotiations on a Foreign Investment Promotion and Protection Arrangement.

The Ministers underscored the value of creating greater access to investment potential for businesses of all sizes and sectors in Canada and Taiwan. Minister Ng noted the opportunities to build on the current trading relationship, particularly in the advanced manufacturing sectors and agriculture.

Wrapping up the discussion, Minister Ng emphasized that Taiwan is a key trade and investment partner, especially as Canada deepens its economic partnerships and relationships in the Indo-Pacific region as part of its Indo-Pacific Strategy.

Quotes

“By beginning formal negotiations with Taiwan towards a Foreign Investment Promotion and Protection Arrangement, we are working to secure new opportunities for investment to support sustainable growth, establish new collaborations, and ensure good, well-paying jobs.”

– Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development

Quick facts

• In 2021, Canada’s two-way merchandise trade with Taiwan totaled $10.2 billion, up 38.1% from $7.4 billion in 2020.   
• In 2021, Canada’s two-way services trade with Taiwan was $1.5 billion, up from $1.2 billion in 2020.
• In 2021, two-way investment with Taiwan reached $639 million, with Taiwanese direct investment in Canada standing at $284 million and Canadian direct investment in Taiwan at $355 million.