TAIPEI: On November 8, Taiwan and Britain signed an Enhanced Trade Partnership, which Taipei hopes will strengthen the region’s relationships with other European nations and strengthen its case for joining a significant pan-Pacific free trade agreement.
Despite the lack of proper ties, Taiwan views Britain as a significant political ally. It is concerned about intensified Taiwanese military operations close to the area, which Beijing views as its own territory, and it supports Taiwan’s participation in international organizations like the World Health Organization.
Taiwan is a member of the World Trade Organization and has free trade agreements with Singapore and New Zealand, but due to its political isolation and stress from China, it has few formal international trade pacts.
According to a declaration from his office, John Deng, the major trade negotiator in Taiwan, said the economies of Taiwan and Britain were complementary and that the agreement would “enhance the confidence of additional countries in the world to socialize with us.”
According to Taiwan’s Office of Trade Agreements, the deal will act as a design for other European nations to strengthen their business ties with Taiwan.
Taiwan has long pushed for the signing of an investment partnership with the European Union, which Britain left in 2020.
Taiwan has likewise submitted an application to meet the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, which Britain officially ratified in July.
According to Deng, Taiwan’s application to join this historic trade pact depends on strengthening its economic ties with the British given that it is the CPTPP and its newest representative.
According to the British government, bilateral trade between Taiwan and Britain amounted to 8.6 billion pounds ($ 10.56 billion ) in 2022.
In order to increase international investment, Canada and Taiwan finished talks last month. In August, US President Joe Biden signed legislation putting into effect the” 21st Century” industry initiative between the two countries.