Taiwan-EU economic ties are going from strength to strength, with bilateral trade hitting a record 51.9 billion euros (US$58.1 billion) in 2018, according to the latest EU-Taiwan Relations report published July 16.
 
The briefing compiled by the European Economic and Trade Office in Taiwan showed that the nation rose one spot year on year to become the EU’s 15th largest trading partner in 2018 and sixth biggest in Asia.
 
Taiwan offers an attractive business environment and market for EU countries due to its respect for intellectual property and relatively low level of state interference, the EETO said. The EU also remains Taiwan’s greatest source of foreign direct investment, totaling US$51.4 billion last year, it added.
 
The two sides share common values such as freedom, democracy and the rule of law, said EETO head Madeleine Majorenko, who is set to leave her post in August. She pointed to the legalization of same-sex marriage May 17 as underscoring Taiwan’s status as a human rights leader in the region.
 
Relations with the EU have grown closer in recent years as evidenced by new bilateral events and high-level discussions. These include the inaugural Taiwan-EU human rights consultation held in March last year, as well as the annual Industrial Policy Dialogue first convened in 2015, according to the report.
 
Taiwan was removed from the European Commission’s warning list for illegal, unreported and unregulated fishing June 27. Going forward, the two sides will establish a joint working group for cooperation on fishery-related matters at the multilateral, regional and subregional levels, the EETO said. (CPY-E)
 
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