Taiwan and the UK Sign an Enhanced Trade Partnership (ETP) Arrangement as a Cornerstone for Bilateral Economic Relations

Office of Trade Negotiations, Executive Yuan

November 8, 2023

Taiwan and the UK Sign an Enhanced Trade Partnership (ETP) Arrangement as a Cornerstone for Bilateral Economic Relations 

Today, Kelly Hsieh, Representative to the United Kingdom for Taiwan, and John Dennis, Representative at the British Office in Taipei, held a joint video conference to sign an Enhanced Trade Partnership (ETP) Arrangement, laying a solid foundation for long-term economic and trade relations between Taiwan and the UK.

In his speech at the signing ceremony, Representative Hsieh said, “The signing of this historic arrangement is a milestone built on three decades of broad collaboration, and will be an important mechanism for promoting trade and creating jobs.” Echoing these sentiments, Representative Dennis stated, “The Arrangement will take our trade relations to new heights and represents the culmination of our longstanding work to develop new forms of engagement.” Both strongly agreed that it would serve as an umbrella to discuss topics of importance to both sides.

In addition to establishing an “enhanced trade partnership,” the Arrangement also creates mechanisms and standards for further negotiations, with both sides agreeing to engage in discussions over the three key areas of digital trade, investment, and energy and net-zero as soon as possible while continuing to explore other topics of mutual interest.

According to John Deng, Minister without Portfolio of the Executive Yuan and Chief Negotiator of the Office of Trade Negotiations, the UK is a major economic and trade country with a rich history and the world’s 6th largest economy, and has played a key role on the world stage since leaving the EU. A global leader in the biotech, energy, automobile, AI and financial sectors, all of which are complementary to Taiwan’s industrial development, the UK is actively seeking stronger ties with the Indo-Pacific region. The signing of this Arrangement therefore holds important significance for Taiwan, and will enhance our international economic and trade status while encouraging countries around the world to engage with us with confidence.    

The Arrangement also marks the first time that a framework has been established for fostering bilateral trade relations between Taiwan and Europe. Through this Arrangement, Taiwan and the UK will be in a position to address additional topics on a mutually beneficial basis, which will then serve as a model for other European countries to improve their trade relations with Taiwan. According to Minister Deng, given its status as the newest member of the CPTPP, improving economic relations with the UK is also crucial for Taiwan’s application to join this landmark trade pact.

Before entering into subsequent negotiations, the Office of Trade Negotiations will continue to consult with the business community and relevant stakeholders so that their views can be taken into account in shaping bilateral trade rules going forward. The negotiations will also focus on upholding values of inclusiveness involving environmental protection, gender equality, corporate social responsibility, and consumer protection.

The government agencies involved in these negotiations include the Ministry of Foreign Affairs, the Ministry of Economic Affairs, the Ministry of Digital Affairs, the Ministry of Environment, the Ministry of Labor, the Ministry of Transportation, the Ministry of Finance, the Fair Trade Commission, the Financial Supervisory Commission, and the National Development Council.