TAITRA has inked two memoranda of understanding (MoU) with Indian trade organizations India Trade Promotion Organization (ITPO) and the Engineering Export Promotion Council of India (EEPC India) on Jan. 24, 2018.
ITPO is a non-governmental organization with 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.
TAITRA Vice Chairman, Zhuang Shuohan, met with the Deputy Minister of Economic Affairs, Wang Meihua, and the Secretary of the Indian Ministry of Commerce and Industry, Rita Teaotia on Jan. 24 to oversee the MoU singings.
The signings are expected to bring the two economies even closer over the coming years.
While 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 governments, said Zhuang.
It has been reported that, in the course of 2017, the implementation of the New Southbound Policy by the Tsai administration has led to a 27 percent growth in the bilateral trade between India and Taiwan.
Meanwhile, India and Taiwan have begun cooperating with each other to develop an industrial science park in the city of Bangalore in Southern India.
Blake Lin (firstname.lastname@example.org)
Photo credit: Economic Daily News
Source: Taiwan News