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In a significant move on Monday, Taiwan President Lai Ching-te called on the European Union to forge a bold economic partnership agreement aimed at enhancing collaboration in semiconductors. He emphasized that uniting democracies is crucial to counter rising authoritarianism and to build resilient global supply chains.
Taiwan Seeks EU Partnership to Boost Semiconductor Collaboration
On Monday, Taiwanese President Lai Ching-te urged the European Union and Taiwan to sign an economic partnership agreement, arguing that the move will strengthen semiconductor cooperation and that the two democracies should collaborate, Reuters reports.
Given Taiwan's diplomatic isolation and overall exclusion from most global groups and accords, the signing of investment and trade arrangements with the EU would be politically significant. Taiwan has lobbied for this.
Despite the absence of official relations with the island that China claims as its own, the European Union has been encouraging increased semiconductor manufacture in Europe and reducing reliance on Asia by pursuing Taiwan as a "like-minded" partner under the European Chips Act.
A Politically Significant Deal Amid Taiwan’s Isolation
During his speech at a Taipei-based Taiwan-EU investment event, Lai emphasized the need for a "strong democratic umbrella" and the establishment of secure supply chains for democracies throughout the world in order to combat the rise of authoritarianism.
"Looking to the future, Taiwan hopes to take an innovative approach towards the signing of an economic partnership agreement with the EU," according to him.
According to Lai, this type of arrangement would provide the groundwork for future collaboration in areas like artificial intelligence and semiconductors.
"This would not only make both our economies more resilient and secure, but also ensure the stable operation of global supply chains."
TSMC Anchors Taiwanese Investment in Europe
A significant new chip plant was established in Dresden, Germany, in August by Taiwan Semiconductor Manufacturing Co. (TSMC), which is projected to be a vital supplier to European industry and automobiles, Yahoo Finance shares. This unit is an anchor for Taiwanese investment in the European Union.
Video message speaker Maria Martin-Prat, who is the deputy head of the directorate general for trade at the European Commission, lauded bilateral relations but didn't mention establishing an agreement like that with Taiwan at the investment event.
"Taiwan, a vibrant democracy with an open economy, is a trusted partner for us to promote our economic security," according to her.
Taiwan’s Push for Trade Agreements Gains Momentum
Taiwan has filed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and inked an Enhanced Trade Partnership with Britain last year, but it has few other free trade agreements.
