Taiwan to apply to China-led bank as ADB member
The Ministry of Finance ( MOF,
) said yesterday that Taiwan will apply to the Asian Infrastructure Investment Bank (AIIB) via its membership at the Asian Development Bank (ADB).
Yesterday, Beijing revealed the AIIB’s charter, which states that membership is open to ADB members, to which Taiwan belongs.
However, the charter also stipulates that entities that have no sovereignty or cannot be held responsible for their international actions should obtain prior consent from ADB members, who can then tender the application on their behalf.
The MOF said that since Taiwan is a member of the ADB, it will try to join the AIIB via its ADB membership. Meanwhile, the MOF will be in close contact with the AIIB to obtain the latest updates on membership application and review agenda.
After reaching agreement in May, members of the AIIB gathered in Beijing yesterday to attend the new bank’s signing ceremony.
According to the MOF, founding members must ink an agreement before the Dec. 31, 2015 deadline. The contract must be approved and rati- fied by participating countries and tendered to the mainland Chinese authorities before Dec. 31, 2016.
The new bank may begin operation only after at least 10 founding members have submitted their document, the MOF said.
The MOF estimates that the AIIB will begin operations at the end of the year, at the earliest.
Only after the AIIB begins operation will it start to review new membership applications, the MOF said, adding that it will keep a close watch on the effective date.
Names for Taiwan’s
In terms of the name that Taiwan will use to join the AIIB, the MOF said “Chinese Taipei” is the very least Taiwan can accept, while the name “Taipei, China” is utterly unacceptable to the country’s populace.
In addition, Taiwan will lobby for international support from founding members of the AIIB who have good diplomatic ties with Taiwan, the MOF said.
The AIIB is a multinational finance institution with the goal of “assistance” and “development” in mind. Taiwan’s participation in the AIIB would demonstrate Taiwan’s willingness to shoulder social responsibility in the global commu- nity, and help Taiwan enhance its international visibility, participate in regional economic integration and boost domestic economy, the MOF said.
The MOF reached consensus with the Legislative Yuan in April and decided that upon receiving popular and congressional support, Taiwan will join the AIIB under the premise of “respect” and “fairness” in pursuit of the nation’s maximum interest.