Taiwan calls for trade talks with EU amid increasing threats from China

Taiwan has requested a trade discussion with the European Union (EU) on Friday, highlighting the EU's desire to strengthen its economic ties with the Indo-Pacific country.

News agency ANI reported, quoting Taiwan News, that Taiwan called for pre-negotiation work to start on a possible Bilateral Investment Agreement (BIA) after the EU announced the previous day it wanted to bolster its trade relationship and step-up strategic engagement in the Indo-Pacific region.

This arises just after European Commission had approved the EU Cooperation Strategy for the Indo-Pacific region. Taiwan is considered to be an essential partner in the European Commission's recently issued report on its Indo-Pacific strategy. This is due to the establishment of semiconductor supply chain operations and having a conversation on data protection. The EU has further promised to strengthen commercial and investment links with the nation, despite the fact that the two countries have yet to sign BIAs or establish a formal diplomatic relationship. 

European Commission warns about Chinese threats

The report by the European Commission titled, “The EU strategy for Indo-Pacific Cooperation”, states a warning about the military buildup of China. It also depicts the displaying of force and even the rising tensions in South China and East China Seas, as well as in the Taiwan Channel. EU has further expressed this as having a direct impact on European security and economics. 

While on the other hand, previously, at the beginning of this month, China showed resistance to the "EU-Taiwan Political Relations and Cooperation" report which urged for better relations between the two, claiming that it violated the country's "One-China policy." The Taiwan Waterway is a 180-km-long strait that separates Taiwan from mainland Asia. Although the strait is on international seas, China claims Taiwan as its own territory. 

Preparations for BIA should begin immediately: Taiwan Foreign ministry

Likewise, Taiwan's Ministry of Foreign Affairs (MOFA) has stated that preparations for a potential BIA should begin immediately. Taiwan has been on the list of prospective signatories to a BIA since 2015, and the European Parliament eventually gave its approval in July.   

According to Taiwan News, a statement released by the Ministry of Foreign Affairs states, “As a like-minded partner of the EU with core values such as democracy, freedom, human rights and the rule of law, Taiwan will continue to bolster cooperation in the supply chain reorganization for semiconductors”. It even reads that Taiwan will also focus on strengthening other related strategic sectors for the economy, as well as digital economy, renewable technology, and post-epidemic economic recovery. 

(With inputs from ANI, Image: AP)