Trade and investment relationship between the United Kingdom and Taiwan has a long history and is still developing: in 2022, bilateral trade between the two countries reached an impressive £8.6 billion. The 26th annual UK-Taiwan Trade Talks came in the wake of this burgeoning trade partnership between both countries seeking to expand their economic horizons. It will be co-hosted by Minister for International Trade Nigel Huddleston with Deputy Minister Chern-Chyi Chen later this year.
The annual ministerial trade talks between the UK and Taiwan have been held since 1991 and have served as a cornerstone for fostering mutual understanding and identifying areas of cooperation to drive economic growth.
Such critical subjects as fintech, food, drink and pharmaceuticals were delved into during the last Trade Talks held in Taiwan in late 2022 with the aim to address barriers to trade, to enable more UK firms to export their goods and services to Taiwan and to facilitate increased investment opportunities in the country.
These achievements and further deepening of the bilateral relationship, especially in areas of mutual interest like off-shore wind and hydrogen, are expected to be the main topics of this year’s Trade Talks in London.
The way for the official-level talks on an Enhanced Trade Partnership (ETP) has been paved by recent Minister Huddleston’s discussions with John Deng, Taiwan’s Trade Representative and Minister without Portfolio. Non-legally binding Memoranda of Understanding, focusing on two-way investment, digital trade, energy and net-zero initiatives will fortify this partnership.
A deeper collaboration between the UK and Taiwan, cementing their commitment to free and fair trade underpinned by a rules-based global trading system will be fostered by the ETP. The framework of this partnership will be shaped and its benefits will be maximized by businesses from both sides.
Taiwan and the UK are both the champions of free and fair trade and share the vision of a sustainable, rules-based global trading system. Over 40 British companies have established their offices in Taiwan. It shows the UK’s active role in the country’s green transition and reflects the global push towards a greener future and further enhancing both nations’ positions as leaders in the green energy movement.
The British Office and Taiwanese authorities are focused on enhancing trade and investment ties, addressing market access issues and fostering growth and prosperity by identifying challenges, streamlining trade processes and to creating a conducive business environment.
Another significant event is the UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade group in New Zealand. It is a momentous occasion for the country, as the treaty signed by Business and Trade Secretary Kemi Badenoch makes it a member of this modern and ambitious trade deal, encompassing 12 economies across Asia, the Pacific and now Europe. It will give the UK the access to a vast network of 12 economies across Asia, the Pacific and now Europe and get a plethora of opportunities for its businesses to explore new markets, establish fruitful partnerships and drive economic growth.
A shared vision of prosperity and sustainable development, setting the stage for a brighter future for the UK and Taiwan and strengthening ties with partners around the world is reflected by these initiatives.