Taipei, Nov. 14 (CNA) Taiwan and Canada have concluded negotiations on an agreement to avoid double taxation and are expected to sign the pact soon, President Ma Ying-jeou said Friday.

Ma said during a meeting with visiting Canadian parliamentarians that Taiwan hopes to ink further bilateral agreements including an investment protection agreement to foster economic cooperation.

Taiwan is Canadas fourth largest trading partner in Asia and 11th worldwide, he said.

John Weston, a member of the House of Commons and chair of the Canada-Taiwan Parliamentary Friendship Group, echoed enthusiasm for the tax agreement.

We hope to see the completion of the avoidance of double taxation agreement sometime soon, he said after the groups meeting with Ma.

After that, both countries will move on to a foreign investment protection agreement, he told CNA without giving details.

Weston said Taiwan and Canada share a common desire for free trade and have been supporting regional free trade discussions such as the Trans-Pacific Partnership (TPP) trade bloc for the Asia-Pacific region.

During his meeting with the Canada delegation, Ma also expressed hope that Canada will support Taiwans bid to join the TPP.

The relationship between Taiwan and Canada has been improving over the past several years, Ma said, citing as examples a reciprocal working holiday program and visa-waiver treatment granted by Canada in 2010 to Taiwanese passport holders.

Both countries also signed an agreement to increase air traffic last year, demonstrating a significant development in bilateral ties, Ma said.

(By Kelven Huang and Elaine Hou)