UK trade minister Greg Hands to co-host annual trade talks in Taipei

Hands 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, a UK government press release said.

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.

“Boosting trade with this vital partner [Taiwan] 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,” Hands said.

“Our thriving £8 billion trade partnership has gone up 14 per cent in the last two years, with UK exports to Taiwan also increasing in that time,” he added.

During the Trade Talks, Innovate UK will sign a memorandum of understanding with the ministry of economic affairs in Taiwan, pledging to increase collaboration on technology and innovation. This includes a £5 million funding commitment till 2025 and support to UK businesses via a bespoke Innovation Programme between the United Kingdom and Taiwan.

With its advanced, high-tech economy, a gross domestic product of over $770 billion and strong economic growth, Taiwan is an important trading partner for the United Kingdom. According to the UK government’s annual business survey, 88 per cent of UK businesses operating in Taiwan said they are optimistic about the outlook for the next three years.

Fibre2Fashion News Desk (DS)