UK and Taiwan trade partnership deal – How could this affect the tech industry?
On Wednesday (November 8), the UK and Taiwan signed an Enhanced Trade Partnership (ETP), formalising the aims of both countries to boost their economic ties and promote further trade.
The UK Government states that the partnership will lead to further dialogue on two-way investment, digital trade, and energy and net-zero.
Taiwan and the UK are important trading partners, with there also being significant mutual benefits from deepening their ties. According to Taiwan’s Office of Trade Negotiations, trade between the two nations reached $6.64 billion last year, which was a 1.73% rise from the year prior.
With the semiconductor industry coming into focus in recent years the two nations have examples of industry success that could benefit from deeper economic ties. For example, the UK is one of the world leaders in semiconductor intellectual property. Whereas Taiwan is the world’s leader of semiconductor fabrication. techUK was delighted to formally meet with a recent delegation of Taiwanese semiconductor companies at CogX in September 2023.
The importance of advanced chip processing capability is essential for developing technology – in particular advances in artificial intelligence benefits from large amounts of processing power. Lowering trade barriers between the two countries could help to power innovations in AI, boosting the strength of the UK tech sector. Taiwan is also an important ally for the UK when it comes to digital trade.
The UK Minister of State for International Trade Nigel Huddleston stated that increasing trade with Taiwan would be an essential part of Britain’s strategic “Indo-Pacific” tilt.
This comes at the same time as the UK joining the CPTPP – a trade bloc of 11 countries in the Indo-Pacific region. The Taiwanese government also seeks to join and hopes that better relations with the UK could aid its bid to to do so. The ETP is further evidence of the U.K.’s shift towards the Indo-Pacific and its aim of strengthening political and economic ties as outlined in the 2021 Integrated Review. Taiwan is the third country that the UK has engaged in ETP discussion with, the previous ones being India and Thailand.
The UK Government announced that both sides will start engaging with businesses in both the UK and Taiwan on the ETP in due course. techUK will be keeping track of all future developments between Taiwan and the UK. During the first quarter of 2024, techUK is hoping to host a Taiwan-UK trade event. If you have any inquiries, please get into contact Daniel Clarke, Policy Manager in the International team on [email protected].
Daniel Clarke
Daniel Clarke
Dan joined techUK as a Policy Manager for International Policy and Trade in March 2023.
Before techUK, Dan worked for data and consulting company GlobalData as an analyst of tech and geopolitics. He has also worked in public affairs, political polling, and has written freelance for the New Statesman and Investment Monitor.
Dan has a degree in MSc International Public Policy from University College London, and a BA Geography degree from the University of Sussex.
Outside of work, Dan is a big fan of football, cooking, going to see live music, and reading about international affairs.
- Email:
- [email protected]
Sabina Ciofu
Sabina Ciofu
Sabina Ciofu is Associate Director – International, running the International Policy and Trade Programme at techUK.
Based in Brussels, she leads our EU policy and engagement. She is also our lead on international trade policy, with a focus on digital trade chapter in FTAs, regulatory cooperation as well as broader engagement with the G7, G20, WTO and OECD.
As a transatlanticist at heart, Sabina is a GMF Marshall Memorial fellow and issue-lead on the EU-US Trade and Technology Council, within DigitalEurope.
Previously, she worked as Policy Advisor to a Member of the European Parliament for almost a decade, where she specialised in tech regulation, international trade and EU-US relations.
Sabina loves building communities and bringing people together. She is the founder of the Gentlewomen’s Club and co-organiser of the Young Professionals in Digital Policy. Previously, as a member of the World Economic Forum’s Global Shapers Community, she led several youth civic engagement and gender equality projects.
She sits on the Advisory Board of the University College London European Institute, Café Transatlantique, a network of women in transatlantic technology policy and The Nine, Brussels’ first members-only club designed for women.
Sabina holds an MA in War Studies from King’s College London and a BA in Classics from the University of Cambridge.
- Email:
- [email protected]
- Phone:
- +32 473 323 280
- Website:
- www.techuk.org
