UK-Taiwan trade talks boost agriculture, energy and pharma
UK - Taiwan bilateral trade grew to £5.35 billion last year and Ministers want to continue strengthening trade links. In December 1 talks in London, 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 5 years.
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. ■