Taiwan and the UK strengthening trade amidst 26th annual Taiwan talks

Taiwan and the UK: Minister for International Trade Nigel Huddleston will co-host 26th annual Taiwan Trade Talks to enhance trade and investment opportunities

The Taiwan and the UK are gearing up for the 26th annual Trade Talks, set to take place in London later this year. Minister for International Trade Nigel Huddleston will co-host the talks alongside Deputy Minister Chern-Chyi Chen.

Their introductory call today laid the groundwork for discussions to strengthen the trade relationship between the two nations.

This meeting will without a doubt help both countries’ economies after the Covid-19 pandemic.

Taiwan and the UK building on a trade relationship

Since 1991, the both the United Kingdom and Taiwan have maintained a robust trade relationship, holding annual ministerial trade talks to address barriers and promote collaboration in fintech, food and drink, and pharmaceuticals.

The previous Trade Talks, born in Taiwan in late 2022, aimed at facilitating more UK firms to export and invest in Taiwan. This year’s talks will focus on mutual interests to further expand UK firms’ export opportunities in Taiwan.

Initiating an enhanced trade partnership

Minister Huddleston’s conversation with John Deng, Trade Representative/Minister without Portfolio, marks the endorsement of official-level talks on an Enhanced Trade Partnership (ETP).The ETP will be supported by non-legally binding Memoranda of Understanding, addressing critical areas like two-way investment, digital trade, energy, and net-zero. This partnership will deepen the UK and Taiwan’s collaboration, unlocking new commercial prospects for both nations.

Taiwan’s commitment to free and fair trade

Taiwan and the UK are committed to free and fair trade, advocating for a rules-based global trading system. The UK has become a crucial partner in Taiwan’s green transition, with over 40 British companies already establishing offices there. With aligned values, the two countries are poised to foster greater economic cooperation.

Discussions to enhance trade and Investment ties

The British Office regularly discusses with Taiwanese authorities to explore opportunities for bolstering trade and investment ties.

These talks also address market access issues and broader concerns relating to the business environment.

This continuous engagement demonstrates the dedication to fostering a prosperous and collaborative economic relationship between the two countries.