Taiwan-UK Deputy Ministerial Trade Talks Enhance Economic Partnership

The 24th round of Taiwan-UK Trade Talks was held today (October 18) via video conferencing. Taiwan Deputy Minister of Economic Affairs, Chen Chern-chyi and UK Trade Policy Minister Penny Mordaunt co-hosted the talks to discuss methods for enhancing the economic partnership between the parties.
The UK and Taiwan discussed issues as energy, agriculture, pharmaceuticals, financial services, business and talent connections, education, and technology. The UK expressed a strong intent for enhancing cooperation with Taiwan in Industry 4.0, offshore wind power, smart city, smart manufacturing, and semiconductors.
Deputy Minister Chern-Chyi Chen stated in his speech that the UK is one of Taiwan’s most important trade partners in Europe, and Taiwan-UK trade relations have achieved important results through continuous trade dialogue platforms for discussing bilateral cooperation and issues of concern. The two countries should grasp opportunities and strengthen the economic partnership.
UK Trade Policy Minister Penny Mordaunt stated that the two countries concluded constructive discussions on agriculture, offshore wind power, pharmaceuticals, and financial services. The UK has firm trade relations with Taiwan, which is one of the UK’s important markets in Asia as business opportunities for British companies in Taiwan continue to grow. The UK encourages British companies to continue to share their professional know-how in offshore wind power and supports the energy transformation in Taiwan. The Taiwan-UK Energy Talks this year can also promote cooperation between the parties on floating offshore wind turbines.
According to statistics of the Customs Administration, Ministry of Finance, the UK is Taiwan’s third largest trading partner in Europe. The trade volume between the countries from January to September this year totaled US$4.658 billion. In terms of investments, Taiwanese companies have invested approximately US$3.242 billion in the UK as of August this year, while British companies have invested approximately US$10.724 billion in Taiwan, which ranked second among European countries behind the Netherlands.
Sources: Ministry of Economic Affairs