Brussels, 01/07/2011 (Agence Europe) - European industry and businesses have much to gain and little to lose from deeper trade relations with Taiwan, said Lithuanian Conservative MEP Laima Andrikienë on Thursday 30 June following a hearing in the European Parliament organised by the EPP on relations between the EU and one of the world's most globalised and trade-dependent economies. Even though trade between the EU and Taiwan has increased more than eightfold over the past two decades, reaching €27.5 billion in 2009, Taiwan is still only the EU's 19th largest trading partner of the EU, its 7th largest in Asia, after the likes of China, Japan, South Korea, India and Singapore. By comparison, the island formerly known as Formosa is the United States' 9th largest trading partner and China's and Japan's 5th largest. “Europe, as well as Taiwan, would face big opportunities if we, Europeans, managed to improve our relationship with this important democratic market economy in East Asia. The European Commission should soon make a serious effort to gain additional welfare through an improved partnership with Taiwan”, said Daniel Caspary (Germany), EPP Group coordinator in the international trade committee in a press release. In addition to the significant opportunities for European industry, deeper trade relations with Taiwan would give a boost to EU service exports. Furthermore, the European ICT (information and communication technology) sector, which is highly dependent on Taiwanese components, would have a great deal to gain from tariff liberalisation. Taking part in the hearing, Taiwan's Deputy Minister of Economic Affairs, Francis Kuo-Hsin Liang, highlighted the interest his country has in opening negotiations on a bilateral free-trade agreement. Andrikienë suggested that the European Parliament take the initiative and send a strong signal to the Council that trade relations with Taiwan should be deepened. (E.H./transl.rt)