While London and Tokyo have paved the way for trade, they are also exploring closer security ties, including exchanges with Japanese intelligence gathered by the “Five Eyes” agreement from the United States, the United Kingdom, Canada, Australia and New Zealand. Minister Hands also welcomed the creation of a new fund to support joint social science research between the United Kingdom and Taiwan. The Minister stated that the new initiative between the UK Economic and Social Research Council and the Taiwanese Ministry of Science and Technology would begin on 3 November 2020 with a call for research proposals with an initial funding of 500,000 pounds. In addition to two visits by U.S. officials, Washington this week approved a massive arms deal with Taiwan. The two sides met this week to discuss trade between the UK and Taiwan, which currently stands at $7 billion. After the talks, Greg Hands, Trade and Policy Minister and MP for Chelsea and Fulham, promised to give “even more trade” with the state. During the discussions, the two teams also indicated that they would strengthen cooperation in areas such as agriculture, energy and the pharmaceutical industry. Note: Any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area. The virtual tour also saw the UK-Taiwan International Showcase for Compound Semiconductor Technology with 9 UK companies Pitching to a virtual audience of 200 potential employees and investors. Semiconductor technology is essential to the development of technology, and Taiwan plays a leading role in the international supply chain. Taiwan is the UK`s leading international partner in cooperation with semiconductor technology and the UK`s Compound Semiconductor Applications Catapult (CSA Catapult) and the Taiwan Industrial Technology Research Institute (ITRI) have signed a Memorandum of Understanding (MOU) to deepen the exchanges.
The Economic Partnership Agreement, due to come into force on 1 January, will prevent Japanese producers operating in the UK from “bordering the cliffs” of Brexit at the end of this month. Japan-UK The agreement “ensures continuity for Japanese and British businesses, and it is hoped that bilateral trade and bilateral investment will grow below the high standards of the agreement,” Japanese Foreign Minister Toshimitsu Motegi said Friday after a cabinet meeting with reporters. Responsibility for contracting involving the United Kingdom rests with the Minister of Foreign affairs and the Commonwealth. This is also the case when contract negotiations are led by another department. During the October 22 discussions, Minister Hands and Taiwanese Deputy Minister of Economy Chen Chern-Chyi pledged to strengthen trade and investment relations and resolve market access issues between our economies, and agreed on the importance of facilitating trade during the Covid pandemic. The United Kingdom has made progress in enforcing access to lambs and has also made progress in removing barriers in the pharmaceutical and financial sectors. British Trade Policy Minister Greg Hands led a virtual visit to Taiwan on 21-22 October to develop trade relations between the UK and Taiwan. Britain officially left the European Union at the end of January and spent the year negotiating its future relations with Brussels and concluding trade agreements with major economies such as Japan and Canada.