Taiwan and UK sign landmark trade pacts to bolster bilateral ties

Taipei [Taiwan], June 30 (ANI): Taiwan and the United Kingdom solidified their economic partnership on Monday, signing three significant agreements aimed at boosting cooperation in investments, digital trade, and clean energy.

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The "Three Pillar Arrangements of the U.K.-Taiwan Enhanced Trade Partnership (ETP)" were formally signed in Taipei by Vincent Yao, Taiwan's representative to the U.K., and his British counterpart, Ruth Bradley-Jones.

"In clean energy, where Taiwan is already a major market for U.K. companies and where we see significant growth potential. In investment, where we are seeing increased interest from both sides to back strategically-significant sectors such as technology and advanced manufacturing. And in digital trade, where our pilot project is demonstrating its immense value to businesses," said U.K. Trade Minister Douglas Alexander speaking during the ceremony.

"Our trade strategy, launched last week, marks a reset in our approach to international trade, guided by the principle of 'promoting what we can, and protecting what we must,'" Alexander said, referring to the British government's first post-Brexit trade strategy, released on June 26.

Furthermore, the minister added that the U.K.-Taiwan ETP is a "great example" of this, and is "specifically referenced in the trade strategy," "providing a flexible trading arrangement to support the development of our trade and investment relationship in key sectors."

According to both Taiwan's Office of Trade Negotiations and the British Office Taipei, these pacts are set to create a more open, secure, and equitable digital trade environment. They will also foster closer bilateral investment, with a particular focus on empowering women in business and enabling small and medium-sized enterprises to compete globally. Furthermore, the agreements are designed to help both Taiwan and the U.K. achieve their respective net-zero carbon emissions goals by 2050.

These agreements come two years after the ETP framework was initially established in 2023 to concentrate on sectors with high growth potential, marking a significant step forward in the bilateral relationship. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)