Taiwan, U.K. hold trade talks as minister visits Taipei to boost ties

Taipei, June 29 (CNA) Annual trade talks between the United Kingdom and Taiwan opened in Taipei on Sunday, with U.K. Minister for Trade Policy and Economic Security Douglas Alexander leading the British delegation and both sides seeking to deepen bilateral ties.

During the two-day visit, Alexander will meet with President Lai Ching-te (賴清德) and co-chair the trade talks with Taiwan's Deputy Economics Minister Cynthia Kiang (江文若), according to the British Office Taipei.

Alexander will also tour the Taiwan Space Agency in Hsinchu, and engage with representatives from British and Taiwanese businesses -- including ARM, the U.K.-based semiconductor firm headquartered in Cambridge, and Walsin Lihwa Corp., a Taiwanese company that has invested in the U.K. -- the office said in a news release.

In addition, Alexander will witness the in-person signing of three Enhanced Trade Partnership (ETP) pillars between U.K. Representative Ruth Bradley-Jones and Taiwan's Representative to the U.K. Vincent Yao (姚金祥). The pillars cover cooperation on investment, digital trade, and energy/net-zero.

Taiwan and the U.K. established the ETP framework in 2023 to focus on sectors with high growth potential. The U.K. recently identified these same areas -- such as renewable energy and digital trade -- as key priorities in its first post-Brexit trade strategy, released on June 26.

In a pre-meeting news release, Alexander said the ETP pillars "will help us boost trade in some of our growth-driving sectors, delivering economic growth and helping put more money in people's pockets as part of the Plan for Change."

According to the U.K. government, bilateral trade between the U.K. and Taiwan reached £9.3 billion (US$12.7 billion) in 2024, a 7.7 percent increase from the previous year, making Taiwan the U.K.'s 33rd-largest trade partner.

The U.K. ranked as Taiwan's 16th-largest export destination in 2023, accounting for about 0.84 percent of Taiwan's total exports.

In their 27th year, the annual trade talks, which have been held since 1991, along with the ETP, are meant to further enhance trade, investment, and economic cooperation between Taiwan and the U.K.