Monday, May 23, 2022

India could be seeking formal trade deal with Taiwan, says report

India could be seeking a formal trade deal with Taiwan as the support with the Union cabinet is growing, as per a report in NDTV.

Taiwan of course has sought a trade deal with India for years but India has been hesitant for the fear of annoying the Beijing. Now that relationship of both democracies have deteriorated against China, such a tie is in the air.

It won’t be easy, for China would oppose it at every step, including at the World Trade Organization, yet the signs of an accord is everywhere. It bears a recall that prime minister Narendra Modi’s cabinet has given approval to firms including Taiwan’s Foxconn Technology Group, Wistron Corp. and Pegatron Corp. Modi is looking to attract investment of $143 billion (Rs 10.5 trillion) for production of smartphones in India.

Only 14 countries, none of them major, recognize Taiwan. India and Taiwan though have a “representative office” in each other’s country which is as good as an embassy. Thousands of Indian students, among others, choose Taipei as an educational destination. The trade volume between the two is upwards of $7 billion.

Taiwan has lately been in news since its national day was due to fall on October 10. Beijing issued an advisory to Indian media to desist from giving it publicity and the reaction was almost the opposite. Taiwan’s top officials applauded Indian media for its stance, issued a stub of “Get Lost” to Beijing, and its foreign ministry appeared in a TV interview. Since then, the warmth towards the two countries is bubbling over, as NewsBred reported recently.

Sana Hashmi, a fellow at Taipei-based National Chengchi University and author of “China’s Approach Towards Territorial Disputes: Lessons and Prospects,” is quoted to have said these are great signs for the growing relationship between the two countries.

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