Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-10-08-Speech-2-628-000"
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"en.20131008.44.2-628-000"2
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"Madam President, the EU has a trade deficit with Taiwan but it has a surplus in services. The UK has a substantial trade deficit with Taiwan, a ratio of almost 3:1, which has undermined and is continuing to undermine British industry. Our surplus in services is diminishing year by year. UK investment in Taiwan dwarfs Taiwan’s investment in Britain by a factor of almost 4:1. Thus British capital, deferred consumption if you like, is financing competition from Taiwan. Furthermore, that country is investing in low-wage economies in the Far East that will also compete with all of our industries.
The rapporteurs are not commending trade with Taiwan pragmatically because it benefits the EU: they commend it because it advances the WTO objective of open trade worldwide. The EU is not pursuing European objectives, but global objectives."@en1
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