Why closer ties between the sovereign island nation of Taiwan and Ontario is a win-win strategy
The Star: "Taiwan’s economic structure is complementary to that of Canada in general, and Ontario in particular. For example, Ontario’s main exports to Taiwan are automobiles, metals and soybeans. Taiwan’s largest exports to Ontario are computers, telecommunications equipment and microchips. However, the total bilateral trade between Taiwan and Ontario was only $3.4 billion in 2020, and $2.7 billion for January-August 2021. The two regions need to work harder to increase this number. We also look forward to more mutual investment, although investment from Taiwanese companies such as TSMC, Delta International, Bora Pharmaceuticals and LCY Biotech has increased in recent years.
"To build a stronger partnership, Ontario and Taiwan can work together on several things, such as supporting Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and working towards signing a FIPA between Canada and Taiwan. Multilateral and bilateral agreements fall under the jurisdiction of the Canadian federal government. However, entering into these agreements with Taiwan will benefit Ontario’s international trade and investment."