TAIPEI (Taiwan News) — Taiwanese exports to the European Union grew 14.9% annually in the first ten months as the country called for talks on a bilateral investment agreement (BIA).

Between January and October, Taiwan exported goods worth US$29.7 billion (NT$923 billion) to the EU, up 14.9% year-on-year, while imports from the bloc registered US$32.8 billion, representing an 8.8% rise compared to the same period last year.

In 2021, trade between the two sides registered US$68.8 billion, growing 32.5% yearly. Shipments to Germany, the Netherlands, Italy, and Belgium accounted for 67.8% of the total, according to the Directorate General of Budget, Accounting and Statistics.

Taiwan has become the 13th largest trade partner of the EU. With ties deepening, 16 of the 27 EU member countries have established representative offices in Taiwan.

Last month, National Development Council Minister Kung Ming-hsin (龔明鑫) urged at the 2022 EU Investment Forum for the initiation of a BIA between Taiwan and the EU amid a boom in commercial opportunities.

The EU investments in Taiwan between 2016 and 2022 logged US$32 billion, more than half of the total foreign investments in the country. At least 50 Taiwanese companies have expressed interest in semiconductor investments in Europe, spurred by the government-run Central and Eastern Europe (CEE) Credit Fund, said Kung.