Thailand and Taiwan have signed an agreement on the promotion and protection of investments, the latter’s government announced on June 28, Taiwan News reported.
The signing of the agreement was preceded by two years of negotiations. The previous version of the agreement was signed in 1996.
According to the island’s government, it no longer corresponds to the current realities of international trade and investment. As part of the new agreement, a committee of representatives from Thailand and Taiwan will be formed, dispute resolution mechanisms will be updated and investment information will be made more transparent.
Thailand is among the 18 countries covered by Taiwan’s New Southern Policy. During its operation since 2016, the commercial turnover between the parties increased from $9.3 billion to $16.24 billion in 2023.
The volume of mutual investments during this time increased from $3.18 billion to $6.99 billion.
Since 2016, Taiwan has concluded similar agreements on the promotion and protection of investments with the Philippines, India, Vietnam and Canada.
Taiwan’s New Southern Policy concept involves reorienting major trade relations from the Chinese direction to Southeast Asian countries.
In Taiwan there are different points of view on future relations with China. The opposition Kuomintang Party and its “Blue Coalition” adhere to the “one China” principle and believe the country should be united under the rule of Taiwan’s democratic regime. The ruling Democratic Progressive Party, the Green Coalition and its leader Tsai Ing-wen advocate for the island’s independence and withdrawal from communist China.
When she became president in 2016, Tsai Ing-wen refused to confirm her integration policy with China. The People’s Republic of China closed its representative office on the island, which unofficially served as an embassy.
The party says that overall, the island’s new president, Lai Qingde, who will come to power in 2024, will continue Tsai Ing-wen’s policies.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.