Trade Minister will today co-host the UK-Taiwan
25th annual Trade Talks in Taipei to boost trade
and future-proof our economy through collaboration on green trade
and supply chains.
With its advanced, high-tech economy, a GDP of over $770 billion,
and strong economic growth – averaging 4% over the last 30 years
– Taiwan is an important trading partner for the UK.
Visiting Taiwan in person is a clear signal of the UK’s
commitment to boosting UK-Taiwan trade ties. Like the UK, Taiwan
is a champion of free and fair trade underpinned by a rules-based
global trading system.
The talks with Minister Chern-Chyi Chen will look at tackling
barriers to trade in sectors like fintech, food and drink and
pharma, aimed at helping more UK firms export and invest in
Taiwan. The Minister will also promote UK expertise in offshore
wind, hydrogen and electric vehicles in discussions on areas of
mutual interest such as renewables and science and innovation.
Minister of State for Trade Policy said:
“I first visited Taiwan 31 years ago in 1991 and it’s been
fantastic to see the growth of this dynamic, vibrant economy. I’m
thrilled to be the first Trade Minister here post-pandemic and to
be celebrating the 25th anniversary of trade
talks.
“Boosting trade with this vital partner is part of the UK’s
post-Brexit tilt towards the Indo-Pacific and closer
collaboration will help us future-proof our economy in the
decades to come.”
Our thriving £8bn trade partnership has gone up 14% in the last
two years, with UK exports to Taiwan increasing by 12% in that
time. The Government’s most recent annual business survey showed
the overwhelming majority of UK companies operating in Taiwan are
optimistic about its economy and prospects.
During the Trade Talks, Innovate UK will sign a Memorandum of
Understanding (MoU) with the Ministry of Economic Affairs in
Taiwan, pledging to increase collaboration on technology and
innovation. This includes a £5m funding
commitment through to 2025 and support to UK businesses via a
bespoke Innovation Programme in Taiwan.
As a leading manufacturer of semiconductors – the chips used in
electronic devices like iPhones and electric vehicles - Taiwan is
a key player in global supply chains. The Minister will use
meetings with President Tsai Ing-wen, Vice Premier Shen
Jong-chin, Minister of Economic Affairs Wang Mei-Hua, Minister of
Digital Affairs Audrey Tang, Minister Kung Ming-Hsin and Minister
John Deng – to promote diversified, resilient supply chains and
greater economic cooperation.
Thanks to the UK’s unmatched offshore wind experience and
expertise, the UK is already a major partner in Taiwan’s green
transition, with more than 38 British companies already having
set up offices in Taiwan. The Minister will visit the Formosa 2
offshore wind site – the first international offshore wind
project supported by UK Export Finance – which more than 10
British companies are involved in.
Luxfer Gas Cylinders, a British company based in Nottingham (UK),
has just signed a contract to supply cylinders for Taiwan’s first
pilot hydrogen bus project.
ENDS
Notes to Editors:
