Taiwan and the UK are to begin official-level talks on an Enhanced Trade Partnership (ETP) in three key areas with the aim of signing a memorandum of understanding.
Minister Without Portfolio John Deng (鄧振中), who heads the Executive Yuan’s Office of Trade Negotiations, and British Minister of State for Business and Trade Nigel Huddleston announced the talks after a videoconference on Wednesday.
The ETP is to focus on two-way investment, digital trade, energy and net zero, the British Department for Business and Trade said in a press release on the same day.
Photo courtesy of the Office of Trade Negotiations
The UK and Taiwan will begin engaging businesses on the ETP in due course, it said.
The topics covered by the ETP can be further expanded in the future, the Taiwanese office said yesterday.
Taiwan would coordinate trade policies and rules on trade issues of common concern with the UK under the ETP framework to establish a long-term trade partnership, it said.
Taiwan is the third country with which the UK is pursuing an ETP, after India and Thailand, it said.
The ultimate goal of an ETP is the signing of a free-trade agreement (FTA), but the process might not be as smooth as expected, it said.
For example, the UK and India formed an ETP in 2021, but the FTA is still under negotiation as opinions are divided in regard to market opening and immigration, it said.
Deng said that having signed its first agreement with the US, called the US-Taiwan Initiative on 21st-Century Trade, Taiwan could ink similar agreements with other countries.
Huddleston is to cohost the 26th annual Trade Talks later this year in London with Deputy Minister of Economic Affairs Chen Chern-chyi (陳正祺), the office said, adding that the two held an introductory call to discuss the event on Wednesday.
The UK and Taiwan have been holding annual ministerial trade talks since 1991. The latest was held in Taiwan in November last year, with the two sides discussing barriers to trade in sectors such as fintech, food and drinks, and pharmaceuticals, the British Department for Business and Trade said.
“The ETP will build on our ongoing collaboration through annual Trade Talks to tackle barriers to trade and promote UK expertise, deepening our relationship to take advantage of increasing commercial opportunities,” it said.
Taiwan is an important trading partner for the UK, with bilateral trade reaching £8.6 billion (US$11.1 billion) last year, it said.
Taiwan offers “significant potential for UK companies in areas such as offshore wind and hydrogen,” it said.
Both the UK and Taiwan are champions of free and fair trade underpinned by a rules-based global trading system, it said, adding that the two sides regularly discuss ways to enhance trade and investment ties and tackle market access issues.
Additional reporting by Chung Li-hua
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old