Taiwan and UK to enhance trade partnership

2023/07/28

A video conference was held between Deng Chen-chung, minister without portfolio, as Taiwan’s top trade negotiator and Nigel Huddleston, U.K. Minister for International Trade, July 26, at which the two sides exchanged views on strengthening economic ties, according to the Executive Yuan.
 
A consensus was reached to announce formal initiation of Enhanced Trade Partnership (ETP) to prioritize certain fields for negotiation, the EY said. It is planned to start talks on investment, energy, net-zero goals and digital trade.
 
Taiwan and the U.K will establish an environment which facilitates fair competition for investment and will also collaborate to counter climate change and promote net zero policy. Enhancement and protection of reliable data is another field for collaboration, the EY added.
 
Deng said due in part to wider international recognition of the Taiwan semiconductor industry supply chain value, overall trade and economic links with the global community have strengthened considerably, boding well for the future.
 
As the world’s six largest economy, the U.K. has expanded its trade relations with other countries since its exit from the European Union in 2020. It has sought enhanced trade partnerships with both India and Thailand, with Taiwan being the third target country for ETP status. The EY said that as of 2022, Taiwan investment in the U.K. reached US$3.3 billion.


Source: Taiwan Today (https://taiwantoday.tw/index.php)