You have just joined TWI Sdn Bhd, a 70-30 joint venture company between an established European-based MNC and a local GLC, as its Regional HR Director. Your role requires dual reporting, operationally to the CEO of TWI and functionally to the HR Head of parent company, based in Amsterdam. 

One of your most immediate and important assignment is to lead the collective bargaining (CB) between TWI and its blue-collar employees union (BCU). The current Collective Agreement (CA) is due to expire June 30th 2010. BCU is known to be quite a "militant" in its approach and is affiliated under the umbrella of the national union, MTUC. The past 5 CBs had not been easy, with many deadlocks, requiring interferences from the Minister of Human Resources. In its initial submission, BCU is demanding a 25% increase in wages & benefits across-the-board, as well as a "signing bonus" of RM10,000 each for its 1,200 members.

Elaborate your approaches, strategies, and action plans to make this collective bargaining a "win-win" for both the company and the union. Also, take into consideration, the current economic climate and the needs to continually engage the employees during this difficult period. 

Your report should be of 12 to 14 pages only - excluding references & appendixes, size 12 fonts "Arial", 1.5 spaced. Marks will be deducted for excessive pages.