Taiwan Seeks Stronger Economic Ties with EU Amid Geopolitical Shifts

Taiwan's President, Lai Ching-te, has called for an economic partnership agreement with the European Union to boost cooperation in sectors like semiconductors. This move aims to strengthen democratic alliances and secure resilient supply chains, amidst Taiwan's diplomatic isolation and the EU's desire to reduce dependency on Asia.

Taiwan President Lai Ching-te urged on Monday the establishment of an economic partnership agreement with the European Union, highlighting the need for enhanced cooperation in semiconductors. As both regions are democracies, he emphasized the importance of working together.

Amidst diplomatic isolation, Taiwan has been advocating for trade and investment deals with the EU, which would hold substantial political significance. The European Union, while lacking formal ties with Taiwan, considers it a 'like-minded' partner under the European Chips Act, aiming to increase semiconductor production in Europe and reduce Asian dependence.

Lai, speaking at a Taiwan-EU investment forum, stressed the necessity for a 'strong democratic umbrella' and urged securing global democracies' supply chains. The proposed agreement aims to further cooperation in semiconductors and AI, promising to enhance the robustness and security of both economies.

(With inputs from agencies.)