Taiwan and the UK ink Enhanced Trade Partnership (ETP) arrangement as a footstone for bilateral economic and trade relations

　Taiwan and the United Kingdom signed the Enhanced Trade Partnership (ETP) Arrangement on November 8, 2023, laying a solid foundation for the long-term economic and trade relations between Taiwan and the UK.  

　This Arrangement serves as the first framework of its kind for building Taiwan’s enhanced economic and trade relationship with a European country.  In addition, this Arrangement not only establishes an enhanced trading partnership between Taiwan and the UK but also sets up the mechanism and standards for further negotiations.  With this Arrangement duly executed, both Taiwan and the UK agree to commence talks on the three issues with respect to digital trade, investment, and renewable energy and net-zero as soon as possible, and will continue to expand the scope of talks to include other topics with mutual benefits.  

　As the economic and trade powers with long-standing history, the United Kingdom is the world’s sixth largest economy and leads in the industries of biotechnology, energy, automotives, AI, and finance, and hence, is a highly complementary partner for Taiwan.  Currently, the UK is taking the initiative to establish economic and trading relations with numerous nations in the Indo-Pacific region.  Therefore, the execution of this Arrangement by and between Taiwan and the UK carries positive effects on Taiwan as it will contribute to the elevation of Taiwan’s economic and trading status in the world.  (Released 2023.11.09) 
/CCS