Renewal of Taiwan-Philippines investment treaty expected: minister

2017/11/09 23:17:23 fontsize-small fontsize-default fontsize-big
Shen Jong-chin (沈榮津)

Shen Jong-chin (沈榮津)

Da Nang, Nov. 9 (CNA) Taiwan has conducted talks with the Philippines and is hoping for the swift completion of the renewal of the two countries' bilateral investment agreement (BIA), Taiwan's minister of economic affairs said Thursday in Da Nang, Vietnam.

Minister Shen Jong-chin (沈榮津) said "both sides have completed negotiations and review," and he hopes that the two sides will soon complete domestic procedures to enable the signing of the agreement.

He was speaking at a press conference during the Asia Pacific Economic Cooperation summit which is held in Da Nang.

Taiwan also used the opportunity at the APEC ministerial meeting to conduct side-line talks with the Philippines, Indonesia and Australia, Shen added.

With regards to talks with the Philippines, Shen said they focused on Taiwan's investment in Luzon's Subic Bay, as well as on Taiwan assisting local development and helping offshore islands with their electricity supply.

Taiwan has been promoting energy reform including wind energy and solar energy which has potential cooperation opportunities with the Philippines, said Shen.

The Philippines would also like to further cooperate with Taiwan in the fields of textiles and shoes, said Shen, who added that he will report the matter to relevant offices in Taiwan.

John Deng (鄧振中), Taiwan's APEC delegation spokesman and chief adviser, said in September that the government is planning to renew bilateral investment agreements (BIA) with six Southeast Asian countries as part of its push for its New Southbound Policy.

Both Deng and Angelito Banayo, the Philippines representative to Taiwan, have expressed expectations for the BIA renewal to be completed by the end of the year.

Deng, who is also chief representative of the Office of Trade Negotiations under the Executive Yuan, said Taiwan has established BIAs with eight of the 18 countries targeted by the New Southbound Policy.

The eight countries are Vietnam, the Philippines, Thailand, Malaysia, Indonesia, India, Singapore and New Zealand, according to Deng.

Among them, Singapore and New Zealand have signed free trade agreements with Taiwan, while the BIAs between Taiwan and the six other countries have been in place for a long time, with some even more than 20 years old, Deng noted.

He added that the government is making plans to negotiate the renewal of these agreements.

(By Elaine Hou and William Yen)
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