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. That was the word from Cabinet Minister John Deng on Sunday.
Deng, who is also chief representative of the Office of Trade Negotiations, said that Taiwan and the Philippines are expected to renew their agreement by the end of this year.
The New Southbound Policy aims to forge closer economic ties with ten ASEAN nations and countries in South Asia, as well as Australia and New Zealand.
Deng said that Taiwan has established BIAs with eight of the 18 countries targeted by the policy. Those countries include Vietnam, the Philippines, Thailand, Malaysia, Indonesia, India, Singapore and New Zealand.
Of those countries, Singapore and New Zealand have signed free trade agreements with Taiwan. Deng said that agreements with the other countries have been in place for a long time, even as long as 20 years.