ECCT calls for inking of Taiwan-EU investment agreement

Taiwan asked to adopt standards consistent with those of EU

ECCT releases papers promoting Taiwan-EU investment (ECCT photo)

ECCT releases papers promoting Taiwan-EU investment (ECCT photo)

TAIPEI (Taiwan News) — The European Chamber of Commerce Taiwan (ECCT) released its Position Papers 2021 on Wednesday (Nov. 11), urging for the expedited signing of a bilateral investment agreement (BIA) between the two sides.

Titled “Boosting Brand Taiwan - Enhancing Innovation in Adverse Times,” the papers propose 170 recommendations from five perspectives on how to promote bilateral ties.

These include pushing for the internationalization of Taiwan, bolstering the image of the country as a talent haven, increasing its competitive edge as a service industry hub, promoting Taiwan's healthcare innovations, and fostering the development of a green economy, wrote CNA.

ECCT Chairman Giuseppe Izzo pleaded with the government of Taiwan to pursue standards in line with the European Union for better trade practices. For example, Taiwan differs from EU in motor vehicle emission standards and product labeling rules, creating hurdles for doing business with the country, UDN quoted ECCT CEO Freddie Höglund as saying.

In response, Kung Ming-hsin (龔明鑫), Minister of the National Development Council (NDC), said Taiwan follows protocols of WTO and the Technical Barriers to Trade (TBT) Agreement, but the issue will be referred to relevant authorities for further discussion.

According to Kung, Taiwan has seen over US$10 billion in annual foreign investment since 2016, with European investment taking a prominent share. Offshore wind power and green energy are an area of significant interest to European businesses.

Updated : 2021-01-25 04:17 GMT+08:00