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A close EU–Taiwan relationship should be about more than trade. Taiwan has more in common with the EU than with many of its neighbours. But a strong trading relationship is the foundation for deeper and more wide-ranging ties with the EU. Building—or rebuilding—this is therefore the essential first step towards a deeper relationship. There is no overriding geopolitical obstacle to the EU and Taiwan concluding a comprehensive investment agreement, and the environment for negotiating one is likely to deteriorate, not improve, over time. Both sides stand to gain from such an agreement, and the biggest risk to a successful outcome is not Chinese opposition but a simple lack of sufficient commitment on both sides.