Moreover, the expansion of authoritarianism, evidenced by Russia's invasion of Ukraine and China's continued military exercises, has posed a number of daunting challenges to democratic systems around the world. Democratic countries should further strengthen their alliances and staunchly defend the values of democracy and freedom.
In response to China's continued military exercises around Taiwan, this year's holder of the G7 rotating presidency Germany was quick to issue a joint statement by the G7 foreign ministers stressing the importance of peace across the Taiwan Strait.
Taiwan stands on the frontline of the fight against authoritarian expansion. The United States continues to help Taiwan improve its self-defense capabilities in accordance with security pledges provided under the Taiwan Relations Act and the Six Assurances. Since taking office, the Biden administration has approved six rounds of military sales to Taiwan and has continued to conduct freedom of navigation operations in the Taiwan Strait. On behalf of the people of Taiwan, I want to express my sincere appreciation for these actions.
Taiwan will continue to bolster its self-defense capabilities. We also hope to cooperate with more democratic allies to jointly ensure the peace and prosperity of the Indo-Pacific region. The expansion of authoritarianism has also affected the global economic order. As the industries of Taiwan, the United States, and European countries are highly complementary, we should increase our cooperation to create safer, more resilient supply chains.