By Caribbean News Global
LONDON, England – Trade minister Nigel Huddleston co-chaired the 26th annual UK-Taiwan trade talks in London alongside Taiwanese deputy minister Chern-Chyi Chen of the ministry of economic affairs to boost trade and investment ties with Taiwan.
“Talks focused on collaboration in critical sectors such as renewable energy and semiconductors, as well as removing barriers to trade to unlock more opportunities for UK firms to export to and invest in Taiwan,” said department for business and trade.
The UK and Taiwan have a long-standing trade relationship with annual trade talks held since 1991. This year also marks an important milestone as both partners celebrate more than 30 years of establishment of the British Office in Taipei. This office is tasked with enhancing the strong, unofficial relationship between the UK and Taiwan, which is based on dynamic commercial, educational and cultural ties.
International trade minister Nigel Huddleston said:
“It was a pleasure to welcome Deputy Minister Chen to the UK for our annual Trade Talks to secure our supply chains in critical sectors and strengthen our investment partnership. Boosting trade with this vibrant and dynamic economy is critical to our Indo-Pacific tilt and plays to Britain’s strengths as we look to realise our goal to become a global science and technology superpower by 2030.”
With an advanced high-tech industry, a key role in global supply chains and a GDP of over $760 billion, Taiwan is already the UK’s 5th largest trading partner in Asia-Pacific, with total trade at £8.6 billion.
November 8, British Representative John Dennis and Taipei Representative Kelly Hsieh also signed an Enhanced Trade Partnership (ETP) Arrangement which sets out the UK and Taiwan’s priorities for future ETP discussions under three key areas: two-way investment, digital trade, and energy and net-zero.
“The ETP, previously announced in July, will build on the annual Trade Talks to tackle barriers to trade and promote UK expertise, deepening our relationship to take advantage of increasing commercial opportunities. Both sides will begin engaging businesses on the ETP in due course,” said department for business and trade.
