Representative, Taipei Economic and Cultural Centre in India, Mr. Chung- Kwang Tien on Thursday announced that Taiwan would want to revive the possibilities of working out free trade agreement with India for which a feasibility study was conducted three years ago.
Immediately after witnessing the signing of a protocol and cooperation agreement between PHD Chamber of Commerce and Industry and Taiwan Chamber of Commerce here on Thursday, Mr. Tien also disclosed that Indian cabinet has already approved the cooperation agreement with Taiwan in the field of agriculture and horticulture including approving widening of civil aviation activities between the two countries on 15 June 2016).
In view of both countries wanting to broad-base their both economic and trade engagements, the idea for reworking free trade agreement between India and Taiwan would further cement their ties for manufacturing and services sector and create an ideal situation for moving towards the free trade regime between the two, pointing out that Taiwan is a late entrant into India's economic landscape, which is so huge and wide, said Mr.
According to him, the two countries should intensify their trade and economic cooperation in electronics and IT among other things and gradually evolve for free trade agreement.
The agreement signed by the President, PHD Chamber of Commerce and Industry, Dr. Mahesh Gupta and President, Taiwan Chamber of Commerce, Mr. G F Hao also aims at promoting trade and investment relations between the two countries as also constantly endeavour to improve co-operation with two Organisations.
The other objectives of the agreement comprise to assist in the organisation of trade and market research missions, conferences, symposia and other methods of trade promotional activity in each other's country.
With this agreement in place, the two Chambers will organize seminars, conferences, exhibitions, trade fairs and other promotional activities to further business relations between the two countries and create and maintain a continuing exchange of information about economic developments and other matters affecting the business interests of their members.
This Agreement becomes effective on the day of signing, and shall remain operative until either of the two Organisations requests its termination in writing to the other Organisation at least three months in advance. Both Organisations will have the right to propose amendments if and when they consider such amendments necessary to improve the co-operation between them.
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