The mutual benefits resulting from the Bilateral Investment Agreement (ΒΙΑ) and the insurmountable contribution of Taiwan to the economic growth of the EU were the main issues of the roundtable discussion organized by EBR and the Representative Office of Taipei in Greece which was held at the European Parliament Information Office in Greece on Nov. 7, 2018.
In his remarks, the Ambassador of Taiwan in Greece, Mr. Sherman Kuo, stressed: «We are optimistic that both EU and Taiwan are trying hard to complete the preparatory phase before conducting an impact assessment and then start negotiation».
On his part the Member of the Greek Parliament, Mr. Spyros Danellis, characterized Taiwan as «a miraculous country» of paramount strategic importance. «It has the world's 19th largest GDP based on its purchasing power and constitutes a technology leader with developmental research structures».
During his presentation regarding the latest economic figures and the current business climate, the Economic Director of the Representative Office of Taipei in Greece, Louise Huang, mentioned that the EU imported 13.1% more goods from Taiwan than during the previous year, with a total value of €29.5 bn, reaching a historic record -an impressive demonstration of the close economic ties between the two partners.
The EU and Taiwan enjoy a dynamic economic and trade relationship. Specifically, in 2017 Taiwan became the EU’s 16th trading partner following an increase of goods by 9.8%. Furthermore, the EU is Taiwan’s 6th largest trading partner, after China, ASEAN, USA and Japan.
Speaking at the event, the President of the International Chamber of Commerce (ICC-Hellas), Mr. Nikos Vernicos, emphasized on trading activity at a global level. «ICC is strictly criticizing USA's policy as we promote free-trade investments. It is important to mention Greece constitutes one of the most significant partners for Taiwan and I’m happy to see the increase of its economy».
In this context, the Professor of International Politics at Panteion University & Director at the Institute of International Relations, Dr. Harry Papasotiriou, focused predominantly on the geopolitical dimensions and the role of China in the region. «Taiwan is at the epicenter of one of the most important antagonists in the world. As a result, it is clearly observed a shift of the global balance of power», he noted. However, the country has managed to be emerged as a free-market based economy and multinational democracy.
A Bilateral Investment Agreement between Taiwan and the EU will have important benefits for both parties, notably i) the promotion of the investment of small and medium-sized enterprises in the EU and in Taiwan, bringing about more job opportunities for the EU; ii) the establishment of free, transparent, and healthy market mechanism between the EU and Taiwan, which will help investors to better understand the markets of both sides; and iii) as the EU actively engages in signing an agreements on economic cooperation with other Asian countries, the BIA between the EU and Taiwan will help the EU complete its strategy in Asia.
