Taiwan and the U.K. concluded the Enhanced Trade Partnership Arrangement Nov. 8, underscoring the two sides’ commitment to expanding economic and trade ties, the Office of Trade Negotiations under the Executive Yuan said Nov. 8.
Signed by Kelly Wu-Chiao Hsieh, Taiwan’s representative to the U.K., and John Dennis, his counterpart in Taiwan, via video link at their respective locations, the pact sets out priorities for future discussions in the three key areas of bilateral investment, digital trade and renewable energy and net-zero emissions, the OTN said, adding that it is the first agreement of its kind between Taiwan and a European country.
Hsieh said during the signing ceremony that the historic arrangement is a milestone built on three decades of wide-ranging collaboration and will serve as an important mechanism for expanding trade and creating jobs for both sides. In response, Dennis said he expects the pact to bring the economic ties to new heights and pave the way for new forms of engagement.
According to OTN Chief Negotiator John Chen-chung Deng, the U.K., as the world’s sixth-largest economy with a rich history, is a global leader in the artificial intelligence, automobile, biotech, energy and financial sectors, all of which complement Taiwan’s industrial development.
Since the U.K. is soon to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, improving economic and trade relations with the country is of great significance to Taiwan’s bid to gain membership, he said, adding that the deal will also boost Taiwan’s international trade status and encourage other countries to engage with Taiwan.
In a statement released the same day, the Ministry of Foreign Affairs welcomed the positive development, saying the pact will help promote global economic security and supply chain resilience while maintaining a free and open international trade order. (SFC-E)
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