India Taiwan Relation
Source : The Hindu
GS II : International Relation
Overview
- News in Brief
- India Taiwan Relation
Why in News ?
Recently, Taiwan has announced plans to open its third representative Taipei Economic and Cultural Centre (TECC), in India, specifically in Mumbai.
News in Brief
- In a significant step aimed at boosting economic linkages, Taiwan announced it would open its third representative office in India in Mumbai.
- This is more than a decade after it last expanded its presence in India.
- According to Taiwan’s Foreign Ministry the move to establish in Mumbai a Taipei Economic and Cultural Centre (TECC) the term used to describe Taiwan’s de facto diplomatic missions.
- India and Taiwan do not maintain formal diplomatic relations came in the light of Taiwan and India witnessing significant progress in numerous domains, including economics and trade, science and technology, critical supply chains.
- The TECC was established in New Delhi, India, in 1995 as the first TECC in South Asia. Taiwan later opened another TECC in Chennai in 2012.
India Taiwan Relation
Trade
- India and Taiwan in 2018 signed a bilateral investment agreement.
- Both trying for Collaboration on creating a semiconductor manufacturing hub in India.
- Trade ties amounted to USD 7.5 billion in 2019
For stability in the region
- A free, open, and inclusive Indo-Pacific area is a goal shared by Taiwan and India.
- It offers opportunities for collaboration on marine security, counterterrorism, and disaster management.
Technology
- Taiwan produces over 60% of the world’s semiconductors and over 90% of the most advanced ones.
- Taiwan expertise in R&D India having talent resources.
Cultural and Educational Relation
- Both sides have also expanded educational exchanges after a mutual degree recognition agreement in higher education was signed in 2010.
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