Today on June 30th, representatives from the Republic of China (Taiwan) and the United Kingdom signed three agreements in the framework of the Taiwan-UK Enhanced Trade Partnership (ETP). These agreements cover the areas of “Taiwan-UK ETP Digital Trade Agreement”, “Taiwan-UK ETP Energy and Net-Zero Emissions Agreement”, and “Taiwan-UK ETP Investment Agreement”.
The UK office in Taiwan shared on Facebook today that the UK Minister for Trade Policy, Douglas Alexander, and the Political Officer of the Office of Trade Negotiations, Jenny Yang, witnessed the signing of these agreements. This marks a new chapter in bilateral economic and trade cooperation between Taiwan and the UK.
The signing was done by Ruth Bradley-Jones, representing the UK office in Taiwan, and Yao Chin-hsiang, representing the Republic of Chin’a Taipei Representative Office in the UK. Since the signing of the “Enhanced Trade Partnership Agreement” between Taiwan and the UK in November 2023, both sides have agreed to negotiate in the areas of digital trade, energy, net-zero emissions, and investment following the latest trends in the international economic and trade field. After nearly two years of discussions and negotiations, the two parties successfully reached consensus and signed the agreements today.
UK Minister for Trade Policy, Douglas Alexander, expressed his delight in witnessing the signing of the three agreements under the Taiwan-UK Enhanced Trade Partnership. Each area represents significant opportunities for collaboration. Taiwan has emerged as a key market for the UK’s clean energy industry, with substantial growth potential.
In terms of investment, increased bilateral investments will support strategically important industries such as technology and advanced manufacturing. Regarding digital trade, the pioneering “Taiwan-UK Trade Digitalization Pioneer Program” showcases the immense value for businesses.
The UK office in Taiwan highlighted the UK’s recently released “Trade Strategy” which underscores the UK’s strategic realignment of international trade policy with the principles of “promoting UK strengths, safeguarding UK interests.” The Taiwan-UK “Enhanced Trade Partnership Agreement” exemplifies this strategy, with the Trade Strategy emphasizing flexible trade agreements that can support UK’s trade and investment development in key industries.
Ruth Bradley-Jones expressed great pleasure in signing the three agreements to enhance bilateral trade partnership between the UK and Taiwan. Since taking office in February, many have highlighted the importance of this partnership, demonstrating tangible deepening of trade relations between the UK and Taiwan.
The common goal of Taiwan and the UK is to drive growth in strategically significant industries, as outlined in the UK’s recently announced “Modern Industrial Strategy” and Taiwan’s five key industries, which show close alignment in scale and ambition. Through collaboration, both parties can maximize their respective advantages to help achieve mutual and prosperous growth.
The UK office in Taiwan specifically launched the “Taiwan-UK Trade Digitalization Pioneer Program” in November 2024 as a precursor to the signing of the Taiwan-UK digital trade agreement, accelerating bilateral companies’ application of digital trade technologies. In May this year, the UK’s Clas-SIC wafer fab factory and Taiwan’s Fuyi Powertech successfully completed a semiconductor wafer product trade using digital trade technologies, enhancing transparency in the supply chain and marking the first batch of products entering Taiwan in a digital manner in the Taiwan-UK trade history.
The Executive Yuan of the Republic of China (Taiwan) issued a press release today, stating that the signing of the ETP agreements in three areas with the UK will help Taiwanese businesses expand their global economic and trade networks. Within the investment agreement, support will be provided for women and small and medium-sized enterprises to enter the international market. Subsequently, Taiwan and the UK will promote cooperation in key industries, optimize investment review processes, and formulate concrete cooperation plans.
The Executive Yuan noted that the Taiwan-UK Digital Trade Agreement is Taiwan’s first digital trade agreement signed with a foreign country, establishing common digital trade principles to provide an open, inclusive, secure, and fair digital trade environment for businesses and consumers, maintaining the security of supply chain networks, helping businesses reduce operating costs, and creating new business opportunities.
Furthermore, the Energy and Net-Zero Emissions Agreement is Taiwan’s first international green trade agreement signed, aiming for Taiwan and the UK to progress towards net-zero emissions by 2050. It reflects both parties’ commitments to environmental sustainability and offers a cooperation platform to create green trade opportunities for businesses.
The Investment Agreement outlines efforts by both sides to promote bilateral investment and streamline investment procedures, particularly supporting women and small and medium-sized enterprises in entering the international market. This marks the first time that fair competition environments for investment by both parties’ businesses have been included in the agreement, agreeing to abide by international investment agreement standards, ensuring that state-owned enterprises engage in commercial activities following business operation principles and private business competition, with both parties exchanging industry subsidy policies. In the future, both sides will promote cooperation in key industries, optimize investment review processes, and establish a fair and friendly investment environment.