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Taiwan, Canada to sign agreement to avoid double taxation

Staff writer |
Taiwan and Canada are expected to sign a pact soon to avoid double taxation after reaching a consensus in their latest round of trade talks, a Taipei economic official said.

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Cho hailed the consensus about double taxation as the most important achievement in the Ottawa talks.
Vice Economics Minister Cho Shih-chao said the talks held in Ottawa on May 1 saw both sides agree on the details of the double taxation avoidance agreement to be signed.

Cho headed the Taipei delegation to the talks, while the Canadian side was led by Susan Gregson, assistant deputy minister in charge of Asian affairs at the Department of Foreign Affairs, Trade and Development.

Cho hailed the consensus about double taxation as the most important achievement in the Ottawa talks. He said both sides are expected to sign the double taxation agreement soon.

The vice economics minister noted that Canada is Taiwan's second biggest trade partner in North America. Taiwan has investments totaling almost $400 million (S$532 million) in Canada, which in turn has more than $500 million in investments in Taiwan, he said.

Cho said Taiwan and Canada are in a highly complementary relationship in terms of trade, and the two sides will also explore the possibility of signing investment agreements.

The Ottawa talks also touched on other issues including ways to strengthen and expedite bilateral trade and customs co-operation. The Taipei side also conveyed the hope that Canada can support Taiwan's bid to join the Trans-Pacific Partnership (TPP) initiative, according to the Central News Agency.

As small- to medium-sized enterprises (SMEs) play important roles in both countries' economies, both sides discussed how their governments can help SMEs expand to new markets.

They also looked at the possibility of SMEs from both sides forming partnerships.

Both sides also agreed to jointly promote technological developments such as those for 5G telecom technology and hydrogen fuel cells.

For the medical equipment industry, Taiwan's representative office in Canada and research units of the country jointly held a BioMed Partnering Forum, exploring opportunities of collaboration.

Cho noted that the medical equipment industry in Canada is strong in technological development, and it could create a win-win situation if they could leverage Taiwan maker's manufacturing strengths.

Taiwan's economics ministry said the regular trade talks between the two countries have been an effective platform for promoting bilateral trade.

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