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In recent discussions between UK and Taiwan, centred on setting up new sector dialogues on trade in agriculture and energy, Ministers also agreed terms that will make it easier for UK specialist medicines to be used in Taiwan.
UK - Taiwan bilateral trade grew to £5.35 billion last year and the talks were held on the same day (Dec1) 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.
International Trade Minister Greg Hands said: “With its vibrant economy and thriving consumer base, Taiwan presents huge opportunities for British companies to strengthen our trade links. Exports to Taiwan grew 21% in the last 5 years, and there’s room for more growth as we satisfy Taiwan’s demand for quality British goods.
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 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.
Vice Minister of Economic Affairs Mei-Hua Wang said: “The UK and Taiwan have a very strong trade and investment relationship and as the UK leaves the EU, Taiwan looks forward both to strengthening bilateral trade flows and to expanding mutual cooperation. We have confidence in the UK economy, the world’s fifth largest and we consider it one of the priority destinations for Taiwanese investment in Europe. We also hope more UK investors make use of Taiwan’s excellent investment environment in the Asia-Pacific region.”