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