Taiwan President Seeks Economic Partnership with EU

On Monday, Taiwan President Lai Ching-te called on the European Union for an economic partnership agreement, saying it would boost cooperation in semiconductors and that as democracies, the two sides should be working together.

Given its diplomatic isolation and general exclusion from most global bodies and agreements, Taiwan also pushed for signing investment and trade deals with the EU, which would be politically significant for Taiwan.

At today’s EU Investment Forum, I emphasized that by expanding cooperation in digital tech, semiconductors, & sustainability, #Taiwan & the #EU can further our shared goals of building more resilient global supply chains and advancing democracy, peace, & prosperity. pic.twitter.com/kSUK8L78dm

— 賴清德Lai Ching-te (@ChingteLai) November 18, 2024

Despite lacking formal ties with the Chinese-claimed island, the EU has been courting Taiwan as a “like-minded” partner under the European Chips Act to encourage more semiconductor production in Europe and lessen dependence on Asia.

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Speaking at a Taiwan-EU investment forum in Taipei, Lai noted that despite facing the threat of expanding authoritarianism, Taiwan and the EU must form a “strong democratic umbrella” and build secure supply chains for global democracies.

“Looking to the future, Taiwan hopes to take an innovative approach towards the signing of an economic partnership agreement with the EU,” he said.

He also added that such an agreement would set a sound institutional basis for further cooperation in fields such as semiconductors and AI.

“This would not only make both our economies more resilient and secure but also ensure the stable operation of global supply chains.”

Taiwanese investment in the EU has been anchored by Taiwan Semiconductor Manufacturing Co., which in August launched a major new chip plant in Dresden, Germany, expected to be a key supplier to European industry and automakers.

Maria Martin-Prat, deputy head of the European Commission’s directorate-general for trade, made no mention of signing such a deal with Taiwan in a video message to the investment event, though she did praise bilateral relations.

REUTERS/CHIDIMMA GOLD