Tai­wan to ap­ply to China-led bank as ADB mem­ber

The China Post - - TAIWAN BUSINESS - BY JOHN LIU

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.

AIIB’s 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

Mem­ber­ship

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.

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