International Trade Minister and Taiwanese Vice-Minister of
Economic Affairs Mei-Hua Wang held the 20th round of
UK-Taiwan trade talks since 1991, in London
today (1 December).
UK - Taiwan bilateral trade grew to
£5.35bn last year and Ministers want to continue strengthening
trade links. In today’s talks Ministers agreed to set up new
sector ‘dialogues’ on trade in agriculture and
energy. They also signed an agreement to make it easier
for UK specialist medicines to be used in Taiwan, and agree to
build on the UK’s £176 million of financial
services exports to Taiwan last year.
The talks come on the same day that Taiwan’s China Airlines’ new
London to Taipei flight begins, re-establishing a direct route
between the UK and Taiwan for the first time in five years.
International Trade Minister said:
“With its vibrant economy and thriving consumer base, Taiwan
presents huge opportunities for British companies to strengthen
our trade links. Exports to Taiwan grew 21 per cent in the last
five years, and there’s room for more growth as we satisfy
Taiwan’s demand for quality British goods like Scotch
Whisky.
“Our new trade dialogues in agriculture and energy will offer UK
expertise in leading industries and I look forward to continuing
to work together closely further deepen our trade and investment
links.”
During the talks, an agreement was signed which will make it
easier for UK and Taiwanese businesses
in biotechnology and
pharmaceutical fields to protect their intellectual
property. This will support leading UK industries like
pharmaceuticals, helping companies export products like
cutting-edge genetic medicines to Taiwan knowing their rights
will be protected.
The new dialogues on agriculture and
energy will also bring big opportunities to UK
companies. Taiwan plans to increase its renewable energy
production from 4% to 20% of supply by 2025, much of it from
offshore wind farms, and as the world’s leading offshore wind
producer, the UK is poised to be a key partner in this.
The new agricultural dialogue is also
a boost for UK farmers as Taiwan is the largest per-capita pork
consumer in Asia. Both Ministers used the talks to underline
their commitment to resolving the remaining steps that would see
Taiwan lift its ban on British pork as soon as possible.
The Ministers also agreed to deepen links between the UK and
Taiwan’s leading financial sectors,
building on the UK’s £176 million of financial services exports
to Taiwan last year. In particular, the UK will offer its
expertise in financing renewable energy projects and fintech
development in Taiwan.
Vice Minister of Economic Affairs
Mei-Hua Wang said:
“The UK and Taiwan have a very strong trade and investment
relationship, and as the UK leaves the EU, Taiwan looks forward
both to strengthening bilateral trade flows and to expanding
mutual cooperation. We have confidence in the UK economy, the
world’s fifth largest, and we consider it one of the priority
destinations for Taiwanese investment in Europe.
“We also hope more UK investors make use of Taiwan’s excellent
investment environment in the Asia-Pacific region. I look forward
to working further with Minister of State and I hope we can together
unlock new business opportunities and resolve our trade issues,
including the UK’s outstanding applications on agricultural
exports to Taiwan.”
Notes to editors
- 1. The first UK Taiwan
trade talks took place in 1991 and have happened almost annually
since.
- 2. UK-Taiwan bilateral
trade grew to £5.35 billion in 2016, supported by a 60% growth in
UK services exports to Taiwan in the last five years.
3. Taiwan is the third largest
market for single malt whisky exports and the fourth largest
overall worth £175m in 2016.
