TAIPEI (Reuters) – Taiwan and Britain said on Wednesday they would start work on an Enhanced Trade Partnership focused on areas including investment, digital trade and energy.
Taiwan views Britain as an important democratic partner despite the lack of formal ties, noting its concern over stepped-up Chinese military activities near the island, which Beijing views as its own territory, and its support for Taiwan’s participation in global bodies such as the WHO.
Taiwan’s Office of Trade Negotiation said that the island’s top trade negotiator John Deng had spoken with Britain’s Minister for International Trade Nigel Huddleston and were jointly announcing the official launch of the Enhanced Trade Partnership talks and would select priority areas.
Britain’s Department for Business and Trade said in a separate statement that the partnership would be underpinned by non-legally binding Memoranda of Understanding in key areas such as bilateral investment and digital trade, as well as energy and the transition to net-zero carbon emissions.
“Like the UK, Taiwan is a champion of free and fair trade underpinned by a rules-based global trading system,” it said.
Taiwan has also been lobbying for British support to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, which Britain won entry to earlier this month.
Bilateral trade between Taiwan and Britain totalled 8.6 billion pounds ($11.11 billion) in 2022, according to the government website.
($1 = 0.7744 pounds)
(Reporting by Jeanny Kao; Writing by Ben Blanchard; Editing by Kim Coghill)