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Taiwan hopes new UK deal will help bid to join wider trade bloc


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Taiwan hopes new UK deal will help bid to join wider trade bloc

by AFP Staff Writers
Taipei (AFP) Nov 8, 2023
Taiwan signed a trade partnership agreement with Britain on Wednesday, a move it hopes will help boost its bid to join a major Asia-Pacific trade bloc despite China's objection.

Taipei applied in 2021 to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has been seen as a bulwark against Chinese dominance in the region.

Its bid was opposed by Beijing, which claims the self-ruled island as part of its territory and has submitted its own application to join.

Britain signed a formal agreement to join the CPTPP in July, which is expected to come into force next year, and Taiwan's government has been lobbying members of the bloc for support.

Taipei said the new Enhanced Trade Partnership (ETP) Arrangement would boost its long-term trade partnership with Britain and help promote its inclusion in the bloc.

"The UK will become a new member of the CPTPP, and improving economic and trade relations with the UK is of great significance to our efforts seeking membership," Taiwan's top trade negotiator John Deng said in a statement.

He said the deal would boost Taiwan's international trade status and "the confidence of other countries in the world to interact with us".

Discussions would begin soon on digital trade, investment, renewable energy and net-zero carbon emissions, the statement said.

Taiwan's foreign ministry said in a statement the deal would help "strengthen global economic security and supply chain resilience, and maintain a free and open international trade order".

Britain, like most countries, diplomatically recognises China over Taiwan but maintains unofficial ties with the island.

Beijing lashes out at any diplomatic action that might lend Taiwan legitimacy and opposes Taipei joining international organisations, including the World Health Organization.

Artificial Intelligence Analysis

This AI report is generated by a sophisticated prompt to a ChatGPT API. Our editors clean text for presentation, but preserve AI thought for our collective observation. Please comment and ask questions about AI use by Spacedaily. We appreciate your support and contribution to better trade news.

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