MEPs on the International Trade Committee (INTA) on Tuesday backed a draft resolution calling for intensified trade and investment relations between the EU and Taiwan.
The International Trade Committee on Tuesday voted on a draft resolution with 24 in favour, 2 against and no abstentions calling on the European Commission and Taiwan to “strengthen cooperation in order to further boost economic, trade and investment ties”.
The non-legislative draft resolution notes that Taiwan is an important economic and investment partner for the EU, with total trade in goods reaching a record of €84.2 billion in 2022 with a “great potential for increasing these figures”.
MEPs also call for the Commission and the European External Action Service (EEAS) to “swiftly begin working on a resilient supply chain agreement with Taiwan”, according to the draft resolution. They also urge the Commission and the EEAS “to increase their support in order to allow Taiwan to be present in multilateral and international forums”.
The draft resolution says that MEPs see “cooperation opportunities in the key field of critical infrastructure protection, as well as against economic coercion and for economic security”, and they call “for enhanced cooperation on digital trade, customs and cyber resilience.”
Quote
“This resolution comes to reconfirm the Trade Committee’s position on the importance of EU-Taiwan trade and investment relations. We call for the further strengthening of the relationship, alongside concrete progress for key initiatives such as the Trade & Investment Dialogue. Pertinently, in times of geopolitical volatility, we urge for cooperation that will enhance the resilience of strategic supply chains in areas linked to the green and digital transitions,” rapporteur Iuliu Winkler (EPP, RO) said.
Next steps
The draft resolution, which backs up an oral question from the Trade Committee, is expected to be voted in the Parliament’s plenary in November.
Background
While the EU pursues its “One China” policy, the EU and Taiwan have developed solid relations with Taiwan becoming the EU’s 14th trading partner in the world in 2020. The EU is also Taiwan’s largest foreign investor.
Source – EU Parliament