The annual EU-Taiwan Trade and Investment Dialogue (TID) took place on 2 June 2022 in Brussels to discuss economic, trade and investment challenges and trends currently affecting the global economy.
The meeting was co-chaired by the Director-General of DG Trade, European Commission, Ms. Sabine Weyand, and Taiwan’s Minister of Economic Affairs, Ms Mei-Hua Wang.
Taiwan is an important economic partner of the EU and is a high-tech leader and producer of critical goods. During the Trade and Investment Dialogue, the EU and Taiwan held discussions on a range of issues related to supply chains, security and technology, notably in the semiconductors sector, as well as their respective practices with regards to export control and investment screening. The EU and Taiwan also discussed ways to foster their cooperation in Research & Innovation.
The EU and Taiwan agreed to explore how to deepen their cooperation in the areas discussed in the dialogue. As regards the semiconductors sector, the EU and Taiwan plan to work together on the monitoring of supply chains, in line with the EU’s plans under the European Chips Act. This will help increase their preparedness, anticipate supply disruptions and mitigate their negative effects.
The EU and Taiwan also discussed other trade and investment matters, with a focus on improving market access for EU agricultural products and the investment environment for EU business in the offshore wind sector. Both sides agreed to explore mutually satisfactory solutions.
Besides strong trade and investment ties, the EU and Taiwan are like-minded partners with shared values that are united in their response to Russia’s aggression against Ukraine, jointly condemning Russia for the war in Ukraine and adopting sanctions against Russia.
As stated in the EU Strategy on China (2016) and reconfirmed in the Joint Communication ‘EU-China: A Strategic Outlook’ (2019), the EU is committed to continue developing its relations with Taiwan and to support the shared values underpinning its system of governance. The 2021 EU Strategy for Cooperation in the Indo-Pacific offers a framework to pursue new opportunities for cooperation with Taiwan, including with a view to address strategic dependencies and supply chains, in line with the EU’s One China policy.
DG Trade has held annual trade and investment consultations with Taiwan, a WTO member and an important player in global trade, for more than 20 years. Taiwan is the EU’s 15th largest trading partner and the EU is the largest foreign investor in Taiwan. Taiwan is an important economic partner in the region, in particular given its role as a high-tech leader and producer of critical goods, such as semiconductors. In light of the new economic, trade and investment challenges and trends affecting the global economy, the EU and Taiwan have decided to modernise their existing trade and investment dialogue so as to cover key topics linked to trade and security, such as semiconductors, supply chains, export controls, FDI screening and R&D.
The EU-Trade and Investment Dialogue also oversees the work done by bilateral sectoral Working Groups (WGs) on Investment, Intellectual Property Rights, Sanitary and Phyto-Sanitary measures, Technical Barriers to Trade and Pharmaceuticals/Cosmetics. These working groups bring together experts to address trade concerns and barriers and increase regulatory cooperation.