Trade partnership agreement signed between Taiwan and the United Kingdom

Trade partnership agreement signed between Taiwan and the United Kingdom

A trade partnership agreement for cooperation in high-tech fields was reportedly signed between Taiwan and the United Kingdom, which is in a sovereignty dispute with China.

According to the Taiwanese agency CNA, the agreement called “Enhanced Trade Partnership” (ETP) provides for the development of cooperation in digital trade, investments, renewable energy and carbon-neutral technologies.

In the statement issued by the Trade Negotiations Office of the Taiwan government, it was stated that the bilateral trade volume reached 6.64 billion dollars in 2022, and that the United Kingdom is the 21st trading partner of the Island in the world and the 3rd trading partner in Europe.

The statement highlights that both parties are “complementary partners” in the field of semiconductors, the chip technology developed by the company Arm, based in Cambridge, where the United Kingdom is the leading country in terms of intellectual property in the design. integrated circuits, is currently used in 90 percent of mobile devices produced in the world and in computer network processors. It was observed to be used in 65 percent of automotive electronic systems and 40 percent of automotive electronic systems.

The statement highlighted that Taiwan is the world leader in integrated circuit production with a market share of 63 percent and has a significant share in integrated circuit design with 22 percent.

The statement noted that the need for high-tech chips will increase in the future with the expansion of artificial intelligence, the Internet of Things, high-speed communications and quantum applications, and stated that there are opportunities for greater cooperation with the United Kingdom in the field of digital technology. (AA)

Source: Sozcu


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