Taiwan has decided to make a formal application to join the China-led Asian Infrastructure Investment Bank (AIIB).
The AIIB is a Chinese-proposed multilateral fund with about US$50 billion in capital. More than 40 nations have signed up, including France, Germany, the UK, and Italy.
Following a national security meeting chaired by President Ma Ying-jeou on Monday night, Taiwan decided to make a last-minute bid to join the AIIB as a founding nation. Taiwan’s letter of intent will be sent to the Chinese State Council’s Taiwan Affairs Office on the application deadline Tuesday.
In the legislature on Tuesday, Premier Mao Chi-kuo said only by becoming a founding member of the AIIB can Taiwan participate in the discussions of members’ rights and obligations. He said Taiwan will insist on being treated with dignity.
Mao said, “The [negotiation] process will be transparent and open and we will maximize the benefits for the nation and work towards fair treatment. If these conditions are not met, we would rather withdraw from it.”
Mao said the bottom line for Taiwan’s designation is “Chinese Taipei”, which is in line with the name Taiwan uses in many international organizations. He also said Taiwan will never accept the designation of “Taipei, China”.
China sees Taiwan as part of its territory even though the two sides have been ruled separately for more than 60 years. Beijing opposes Taiwan’s participation in international organizations under designations that gives Taiwan a sovereign nation status.