Annual trade talks between Taiwan and the UK opened in Taipei yesterday, with British Minister of State for Trade Policy and Economic Security Douglas Alexander leading the British delegation and both sides seeking to deepen bilateral ties.
During the two-day visit, Alexander is to meet with President William Lai (賴清德) and cochair the trade talks with Deputy Minister of Economic Affairs Cynthia Kiang (江文若), the British Office Taipei said.
Alexander is to also tour the Taiwan Space Agency in Hsinchu, and engage with representatives from British and Taiwanese businesses — including ARM, a UK-based semiconductor firm headquartered in Cambridge, and Walsin Lihwa Corp (華新麗華), a Taiwanese company that has invested in the UK — the office said in a news release.
Photo courtesy of the British Office Taipei
In addition, Alexander is to witness the signing of three Enhanced Trade Partnership (ETP) pillars between Representative to the UK Vincent Yao (姚金祥) and UK Representative to Taiwan Ruth Bradley-Jones. The pillars cover cooperation on investment, digital trade and energy.
Taiwan and the UK established the ETP framework in 2023 to focus on sectors with high growth potential. The UK identified some of these areas — such as renewable energy and digital trade — as key priorities in its first post-Brexit trade strategy, released on Thursday.
In a premeeting news release, Alexander said the ETP pillars “will help us boost trade in some of our growth-driving sectors, delivering economic growth and helping put more money in people’s pockets as part of the Plan for Change.”
Bilateral trade between the UK and Taiwan reached ￡9.3 billion (US$12.76 billion) last year, a 7.7 percent increase from the previous year, making Taiwan the UK’s 33rd-largest trade partner, according to the British government.
The UK was Taiwan’s 16th-largest export destination in 2023, accounting for about 0.84 percent of its total exports.
The annual trade talks, which have been held since 1991, along with the ETP, aim to further enhance trade, investment and economic cooperation between Taiwan and the UK.
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