AIIB should not be dealt with as a cross-strait is­sue: Fi­nance Min­istry

The China Post - - LOCAL -

The Min­istry of Fi­nance stated Wed­nes­day that although pro­posed by China, the Asian In­fra­struc­ture In­vest­ment Bank (AIIB) ini­tia­tive is en­vi­sioned to be an in­ter­na­tional fi­nan­cial in­sti­tu­tion based on the terms of a Mem­o­ran­dum of Un­der­stand­ing signed by 21 other na­tions and that there­fore, the mat­ter should not be ex­am­ined un­der the limited scope of cross-Tai­wan Strait re­la­tions.

The min­istry said that the send­ing of a let­ter of in­tent on join­ing the AIIB as a found­ing mem­ber will se­cure the right for Tai­wan to voice its opin­ions on the stew­ard­ship of the pro­posed bank.

Ac­cord­ing to the min­istry, the AIIB is de­signed to be a re­gional in­ter­gov­ern­men­tal fi­nan­cial or­ga­ni­za­tion sim­i­lar to the Asian Devel­op­ment Bank.

The ac­ces­sion pro­cesses and re­quire­ments for the AIIB are jointly de­cided by its found­ing mem­ber states and not by China alone, the min­istry said.

The min­istry es­ti­mated that as AIIB’s role in re­gional eco­nomic in­te­gra­tion grows, cap­i­tal ear­marked for in­fra­struc­ture devel­op­ment in Asia could ex­pand to as high as US$8 tril­lion in the com­ing decade, pro­vid­ing im­mense busi­ness po­ten­tial.

In ad­di­tion, the launch of the AIIB is ex­pected to yield syn­er­gis­tic benefits by com­ple­ment­ing the Asian Devel­op­ment Bank’s op­er­a­tions the min­istry said.

Apart from gain­ing op­por­tu­ni­ties to tap the fi­nanc­ing and fi­nan­cial de­riv­a­tive mar­kets, Tai­wan’s membership of the AIIB will also help its bid to join re­gional trade blocs such as the Re­gional Com­pre­hen­sive Eco­nomic Part­ner­ship ( RCEP), and other free trade agree­ments.

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