Taiwanese President Lai Ching-te called on democracies in the Indo-Pacific to "join forces" to maintain regional stability in a speech marking the island's National Day on Saturday, as the territory remains a source of tensions between the U.S. and China.

He also said Taiwan welcomed dialogue between China and the U.S. to manage their competition and reduce the risk of conflict and war but pointed out that maintaining peace requires a correct understanding of history.

"There must be respect for the right of the people of Taiwan to exist," he said.