The 18th Taiwan-Canada Economic Consultation concluded Nov. 21 in Taipei City, with representatives of both sides reaching a strong consensus on enhancing the already robust economic and trade ties, according to the Ministry of Economic Affairs.
Convened by Deputy MOEA Minister Chen Chern-chyi and Assistant Deputy Minister for Asia-Pacific, Global Affairs Paul Thoppil, the daylong event focused on expanding cooperation to help strengthen global supply chain resilience.
Topics of particular interest included customs affairs, the electric vehicle supply chain, hydrogen energy, intellectual property rights, indigenous issues and innovation technology. In light of Taiwan’s commitment to achieving net-zero carbon emissions by 2050, the two sides also exchanged views on related issues.
During his opening remarks, Chen said if global supply chain resilience is to be achieved, like-minded partners around the world need to work together, adding that Taiwan is already playing a key role in this regard.
Tremendous progress has been made across a wide range of issues through the consultations, Chen said. The joint research on the EV supply chain completed this year will help foster industrial cooperation in the sector, he added.
As Canada is a supplier of key raw minerals for EV battery production and a front-runner in automobile ecosystems, R&D capabilities and skilled labor, both sides agreed to arrange reciprocal visits and organize seminars and trade shows to expand partnership in these areas.
The two sides additionally agreed to prioritize discussions on the importance of hydrogen energy in energy transformation at their next gathering.
Official statistics show that bilateral trade between Taiwan and Canada surged nearly 45 percent year on year to US$5.37 billion in 2021, with the amount already topping US$5 billion for the first 10 months of 2022.
Taiwan is Canada’s fifth-largest trading partner in Asia. Accumulated investment from Taiwan to Canada reached US$575 million as of the end of September this year, while Canada’s investment in Taiwan hit US$985 million. (SFC-E)
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