President Tsai Ing-wen said Sept. 2 that Taiwan hopes to begin discussions on a bilateral investment agreement with the European Union encompassing expanded economic and trade cooperation.
Taiwan is a natural and trusted partner for the EU, with both sides sharing core values such as democracy, human rights and the rule of law, Tsai said. Now is the ideal time to come together and agree a deal that further strengthens ties, she added.
Tsai made the remarks during a speech at the European Day Dinner organized by the European Chamber of Commerce Taiwan to mark the 70th anniversary of the Schuman Declaration, which set the stage for the organization that later became the EU.
According to Tsai, the partnership between Taiwan and the EU has grown from strength to strength in recent years, as illustrated by record high bilateral trade of US$58.7 billion in 2019 and a 65 percent rise in direct investment from the EU over the past five years.
Taiwan has also made significant contributions to the economic development of EU member states, Tsai said, citing the 23,000 jobs created by Taiwan-based ICT firms in the Czech Republic and the production facilities established by Taichung City-headquartered bike maker Giant Manufacturing Co. in the Netherlands and Hungary.
Other examples of cooperation include R&D of test kits, treatments and vaccines for combating COVID-19, as well as exchanges of personal protective equipment and medical supplies, she said.
Although the pandemic has brought challenges for both Taiwan and the EU, Tsai said the upheaval also presents a great opportunity to realign economic strategies. Working to secure supply chains ahead of any potential future epidemics should be a top priority and one of the first steps toward an even more mutually beneficial partnership, she added. (SFC-E)
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