Cut the squid so the meat shaped like the rings. Cut in 1/3-1/2 inch thickness. You can discard the skin and the tentacles (optional).
In large pan heat the cooking oil. Sauté the shallot for 1 minute then add garlic and continue cooking for 1 minute. Add tomato paste and stir for 2 minutes.
Add chopped squid and water. The add all sauce ingredients. Continue cooking for 5 minutes. Adjust the taste with salt and black pepper.
In small bowl combine cornstarch and 3 tbsp water. Add to the pan and stir until the sauce thicken.
Turn off the heat and tomato squid stir fry is ready to serve.