TAIPEI (Taiwan News) – The Taiwan External Trade Development Council (TAITRA) signed Memoranda of Understanding (MoU) with two different Indian trade organizations on Jan. 24, reports RTI.
TAITRA inked agreements with both the India Trade Promotion Organization (ITPO) as well as the Engineering Export Promotion Council of India (EEPC India).
The ITPO is a non-governmental organization, but has strong support from various government agencies. EEPC India is a semi-official council with industry leaders and representatives from the Ministry of Commerce and other ministries, according to its webpage.
The vice -chairman of TAITRA, Zhuang Shuohan (莊碩漢), met with the Deputy Minister of Economic Affairs, Wang Meihua (王美花), and the Secretary of the Indian Ministry of Commerce and Industry, Rita Teaotia on Jan. 24 to oversee the singing of the MoUs.
The agreements between TAITRA and the two Indian trade organizations are expected to bring the two country’s economies closer over the coming years.
Zhuang, the vice-chairman of TAITRA, says that even though the MoUs are not official government trade deals, they reflect something very close to a bilateral trade agreement, because of the close relationship between the organizations and their respective national governments
Zhuang said that could be evidenced by the participation of the two ministry representatives that came to oversee the signing of the MoUs, reports RTI.
The report also notes that after implementing the Southbound Policy of the Tsai administration, bilateral trade between India and Taiwan increased by an impressive 27 percent over the year 2017.
Taiwanese government officials have also recently begun cooperating with the Indian government to develop an industrial science park in the city of Bangalore in Southern India.