supplies such as semiconductors; notes that Taiwan is a full member of the WTO; reiterates its call on and urges the Commission and the Council to move towards a bilateral investment agreement with Taiwan and to urgently begin the impact assessment, public consultation, and scoping exercise with the Taiwanese authorities; 40. Urges the Commission to come up with concrete proposals and action to facilitate Taiwan’s full participation as an observer in the meetings, mechanism and activities of the WHO, the ICAO and the UNFCCC; Fostering open strategic autonomy, including in trade and investment relations 41. Underlines that investment and trade conditionality by itself is not enough to counter Chinese assertiveness; finds that the EU should increase strategic autonomy by addressing other dimensions of the EU-China relationship, notably digital and technological sovereignty; underlines, in this context, the need to invest in innovation and research and to develop a competitive and sovereign industrial strategy in areas including, yet not limited to, microchips and semiconductor production, rare earth mining, cloud computing and telecoms technology, in order to decrease the EU’s reliance on China, always with view to ensuring better coordination of those policies with those of other like-minded liberal democracies, while exploring the potential to pool resources and create new synergies; 42. Notes that in 2020, in the context of COVID-19, China ranked as the EU’s largest partner for trade in goods for the first time, with the trade balance further deteriorating to the EU’s detriment; recalls, however, that the US is still the EU’s top partner in trade in goods and services combined; believes that China’s economic rise and predicted growth will have a considerable impact on global economic developments over the next decade; points out that for different reasons, mutual investment levels remain below their potential and recognises the economic opportunities that characterise the wider region; considers that the volume of trade between China and the EU will require a rules-based and values-driven framework which needs to be rooted in international norms; stresses that respect for human rights is a prerequisite for engaging in trade and investment relations with the EU and urges China to comply with its international obligations and to commit to respecting human rights; 43. Underlines the key role of the European Parliament in the EU’s common commercial policy, in international negotiations, and in the oversight, scrutiny, ratification and monitoring of the implementation of trade and investment agreements; highlights the need for the Committee on International Trade to be consulted in a timely and proper manner and urges the Commission and the Council to maintain frequent dialogue and carry out comprehensive reporting, reflecting developments on the EU-China bilateral trade and investment agenda; 44. Underlines the importance of the EU’s strategic trade and investment relationship with China and calls for the EU Member States and institutions to address China with one voice and in a coordinated manner; considers that investment initiatives under the 16+1 format must not undermine the unity of the EU, nor be counterproductive to efforts to speak with one voice; 45. Calls on the Commission to analyse the EU’s economic dependencies in strategic sectors, such as critical raw materials, some of which are located exclusively in China,