On 18 December 2018, Minister of Economic Affairs Shen Jong-chin and Deputy Minister of Finance Wu Tzu-hsin witnessed the official signing of the BIA and MRA between Taiwan and India by the Representative of the Taipei Economic and Cultural Center in India, Mr. Tien Chung-kwang, and the Director General of the India Taipei Association, Mr. Sridharan Madhusudhanan. The updated BIA between Taiwan and India will provide more comprehensive protection to Taiwanese companies, while the MRA will effectively streamline and improve security of customs clearance for both sides, thereby enabling the expansion of bilateral trade and investment.
Director General Madhusudhanan stated the BIA and MRA complement each other, and that Taiwan and India can make good use of these two agreements to expand bilateral economic and trade dynamics while creating more platforms for cooperation. Taiwan and India were able to conclude BIA and AEO MRA in a short period of time. Deputy Minister Wu from the Ministry of Finance stated that this MRA is very significant, as it will enable Taiwan to promote transnational AEOs in other areas and thus expand into South Asia. He also stated that he looks forward to further cooperation between both sides in other areas, as well as promotion of comprehensive trade facilitation and international supply chain security in order to create greater benefits.
Minister Shen remarked that through the joint efforts of both sides this year, an MOU was signed between Taiwan External Trade Development Council (TAITRA) and the India Trade Promotion Organisation (ITPO), and Taiwan Plus was established. Besides investment incentives, investment protection is also important to Taiwanese entrepreneurs. The previous BIA between Taiwan and India was signed in 2002 and has been in force for 13 years, since 2005. It was important for Taiwan and India to update and sign a new BIA. Now, the updated BIA can help Taiwanese businesses gain opportunities to expand throughout the Indian market.
This updated BIA includes provisions on national treatment, full protection and security, and dispute settlement, etc. The details are enclosed. For the content of the MRA, please visit the website of the Ministry of Finance.