TAIPEI, Nov 8 (Reuters) - Taiwan and Britain signed an Enhanced Trade Partnership on Wednesday that Taipei hopes will further boost its case to join a major pan-Pacific free trade pact and bolster the island's ties with other European states.
Taiwan views Britain as an important democratic partner despite the lack of formal ties, noting its concern over stepped-up Chinese military activities near the island, which Beijing views as its own territory, and its support for Taiwan's participation in global bodies such as the WHO.
Because of its diplomatic isolation and pressure from China, chip powerhouse Taiwan has few formal foreign trade agreements, though it is a member of the World Trade Organization and has free trade agreements with Singapore and New Zealand.
Taiwan's top trade negotiator, John Deng, said Taiwan and Britain's economies are complimentary and the deal will "enhance the confidence of other countries in the world to interact with us", according to a statement from his office.
The agreement is a "framework" for Taiwan to boost its economic and trade relations with other European countries, Deng added.
Taiwan has long urged the European Union, which Britain left in 2020, to sign an investment agreement.
Taiwan has also applied to join the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, for which Britain formally signed the treaty in July.
"Britain will become a new member of the CPTPP and the promotion of economic and trade relations with Britain is of great significance to our (CPTPP) membership work," Deng said.
Bilateral trade between Taiwan and Britain totalled 8.6 billion pounds ($10.56 billion) in 2022, according to the British government.
Last month, Canada and Taiwan completed talks on a bilateral deal to boost foreign investment, and in August U.S. President Joe Biden signed legislation on implementing the "21st Century" trade initiative between the United States and Taiwan.
($1 = 0.8147 pounds) (Reporting by Ben Blanchard. Editing by Gerry Doyle)
