Taiwan’s external trade council, TAITRA, has signed memoranda of understanding (MOU’s) with two Indian trade organizations.
TAITRA Vice Chairman Chuang Suo-Hang signed the agreements with the India Trade Promotion Organisation and the Engineering Export Promotion Council of India on Wednesday. Also present at the signing were Vice Economics Minister Wang Mei-hua and Indian Commerce Secretary Rita Teaotia.
Chuang said while the MOU’s appear to be agreements between trade organizations, they actually represent agreements between governments.
The Engineering Export Promotion Council of India is a semi-official organization and the India Trade Promotion Organisation receives strong support from the Indian government. Chuang also noted the presence of government officials from both Taiwan and India.
Chuang said that trade between Taiwan and India grew by 27% last year. He attributed this growth to the New Southbound Policy, under which Taiwan has sought closer ties with a group of 18 countries that includes India.