Bengaluru (Karnataka) [India], August 28 (ANI): Taiwan and India signed a Memorandum of Understanding (MoU) on Public Finance Cooperation on Friday, as per a statement by Ministry of Finance, Taiwan.

The MoU was signed in Bengaluru by Mumin Chen, Deputy Representative, Taipei Economic and Cultural Center in India and Ninad S. Deshpande, Director General, India-Taipei Association.

As per the release, the MoU strengthens existing cooperation in public finance between the two countries and establishes a regular institutional mechanism for exchanging knowledge and expertise, strengthening bilateral fiscal cooperation.

'The MOF further explained that the MOU takes effect on the date of signature (i.e., August 28, 2026), which will establish a systematic mechanism for bilateral fiscal exchange and be beneficial to further deepening exchanges and cooperation,' the release said.

India and Taiwan are expanding their cooperation on public finance through a new MoU that builds on agreements signed in 2011 on double taxation and customs assistance.

The MoU further deepens the collaboration to areas including taxation, customs, treasury affairs, national property management, infrastructure projects and international financial cooperation, the release noted adding, 'Going forward, both sides will deepen professional exchanges and experience sharing through bilateral meetings, seminars, participation in training programs, and mutual consultations.'

Taiwanese companies have played a significant role in strengthening India's electronics manufacturing ecosystem. Foxconn, a major global electronics manufacturer and key Apple supplier, has substantially expanded its operations in India in the recent years.

Furthermore, India-Taiwan economic ties date back to 1995, when the two sides established representative offices -- the India-Taipei Association (ITA) in Taipei and the Taipei Economic and Cultural Centre (TECC) in New Delhi.

In 2025, bilateral trade between Taiwan and India rose to a record USD 12.514 billion, up 17.95 per cent from USD 10.609 billion in 2024, according to data from the Taipei Economic and Cultural Center in India. India was Taiwan's 15th-largest trading partner in 2025, it noted.

Taiwan's exports to India increased 16.74 per cent to USD 9.212 billion, making India its 11th-largest export market, while imports from India rose 21.46 per cent to USD 3.302 billion, with India ranking as Taiwan's 21st-largest import source. (ANI)