The Department for International Trade (DIT) has revealed that recent talks between UK and Taiwanese officials have resulted in agreements to establish new trade dialogues on agriculture and energy.
With Taiwan planning to increase its renewable energy production from 4% to 20% of supply by 2025, largely via offshore wind farms, British companies could benefit from the opportunities presented by the expansion.
In agriculture, the new dialogue could boost the prospects of UK pork farmers, as Taiwan is the largest per capita pork consumer in Asia and Taiwan has confirmed that it wishes to lift its current ban on British pork as soon as possible.
“With its vibrant economy and thriving consumer base, Taiwan presents huge opportunities for British companies to strengthen our trade links,” International Trade Minister Greg Hands said.
British exports to Taiwan have grown by 21% in the last five years, he added, with service sector exports having increased by 60% over that time. In 2016, bilateral trade between the two countries was worth £5.35 billion.
During the talks, the two sides also signed an agreement which will make it easier for UK and Taiwanese businesses in biotechnology and pharmaceutical fields to protect their intellectual property.
In addition, ministers agreed to deepen links between the UK and Taiwan’s financial sectors, in particular by enabling the UK to offer its expertise in financing renewable energy projects and FinTech development in Taiwan.
After the meeting, Taiwan’s Vice Minister of Economic Affairs, Mei-Hua Wang, said: “As the UK leaves the EU, Taiwan looks forward both to strengthening bilateral trade flows and to expanding mutual co-operation.”
Taiwan has confidence in the British economy and considers the UK one of the priority destinations for Taiwanese investment in Europe, he added.
