Taiwan, U.K. sign pacts to promote closer bilateral ties

Taipei, June 30 (CNA) Taiwan and the United Kingdom on Monday signed three agreements to enhance bilateral exchanges and cooperation in investments, digital trade, energy and net zero.

The three pacts, officially named "Three Pillar Arrangements of the U.K.-Taiwan Enhanced Trade Partnership (ETP)," were signed by Taiwan's representative to the U.K., Vincent Yao (姚金祥), and his British counterpart Ruth Bradley-Jones at the Office of Trade Negotiations (OTN) in Taipei on Monday.

The ceremony was attended by visiting U.K. Trade Minister Douglas Alexander and Taiwan's top trade negotiator Yang Jen-ni (楊珍妮), who heads the OTN.

The three pillars cover cooperation on investment, digital trade, and energy/net-zero.

Speaking during the ceremony, Alexander, who is in Taiwan for annual bilateral trade talks, said each of the three pillars represents an opportunity.

"In clean energy, where Taiwan is already a major market for U.K. companies and where we see significant growth potential. In investment, where we are seeing increased interest from both sides to back strategically-significant sectors such as technology and advanced manufacturing. And in digital trade, where our pilot project is demonstrating its immense value to businesses."

"Our trade strategy, launched last week, marks a reset in our approach to international trade, guided by the principle of 'promoting what we can, and protecting what we must,'" Alexander said, referring to the British government's first post-Brexit trade strategy, released on June 26.

The minister added that the U.K.-Taiwan ETP is a "great example" of this, and is "specifically referenced in the trade strategy," "providing a flexible trading arrangement to support the development of our trade and investment relationship in key sectors."

According to the OTN and the British Office Taipei, the de facto U.K. embassy in Taiwan, the pacts will pave the way for an open, secure, and fair digital trade environment for both sides.

They will also promote closer bilateral investment -- especially supporting women in business and small and medium-sized enterprises competing in global markets -- while helping Taiwan and the U.K. achieve net-zero carbon emissions by 2050.

The pacts were signed two years after the ETP framework was established in 2023 to focus on sectors with high growth potential.