Taiwan and EU upgrade the level of Trade and Investment Dialogue

2022-06-03

On June 2, Mei-Hua Wang, Minister of Economic Affairs in Taiwan and Sabine Weyand, Director-General of DG Trade of the  European Commission, co-chaired the "EU-Taiwan Trade and Investment Dialogue (TID)". Previously, the dialogue between Taiwan and the EU was at the level of Deputy Minister and Deputy Director-General. This year, to expand cooperation between both sides, the dialogue was upgraded to the levels of Minister and Director-General. This major breakthrough in Taiwan-EU relations indicates the increasing importance of Taiwan in the EU's blueprint for international economic and trade cooperation.

During the dialogue, the EU was concerned about resilience and cooperation on semiconductor supply chains, the Industrial Relevance Program of offshore wind power, and SPS issues. Taiwan was concerned about issues such as investment relations and cooperation as well as the 2050 net zero transition. Taiwan shared plans to move towards net zero emissions by 2050 so that the EU could fully understand Taiwan's determination to reduce carbon emissions.

In addition to exchanging views on issues which had been discussed in working groups, both sides also exchanged views on  cooperation in strategic sectors, such as trade, investment and research & innovation. Moreover, the EU and Taiwan agreed to further discuss these issues to deepen the relationship.

As for semiconductor cooperation, Taiwan explained that it has endeavored to help its allies, including the EU, to address the chip shortage caused by the pandemic over the past year. Additionally, the Ministry of Economic Affairs sent a delegation of experts to visit Lithuania, Slovakia, and the Czech Republic in March this year, during which the delegation gained an in-depth understanding of the development of local industries and expressed the hope of establishing a closer relationship with the EU on talent training. Taiwan and the EU agreed to share information regarding semiconductor supply chains. Minister Wang emphasized that Taiwan would continue to be a trusted partner in the semiconductor industry globally and help stabilize the resilience of supply chains.

The dialogue this year was a great success, covering a wide range of topics and reaching consensus on numerous issues. The EU agreed to continue discussing possible further cooperation with Taiwan, including issues such as the digital economy, trade facilitation, and supply chain resilience.

CTR:282