The two sides met this week to discuss trade between the UK and Taiwan which currently stands at £7billion. Following the talks, Minister for Trade and Policy and MP for Chelsea and Fulham, Greg Hands pledged to agree “even more trade” with the state. During the talks, the two teams also stated they would increase cooperation in areas such as agriculture, energy and pharmaceutical industries.
Although China has not commented on the negotiations, the ruling Communist Party has warned any state of aligning itself with Taiwan.
Mr Hands said: “Two 1/2 hours of Trade talks completed with Taiwan just now.
“£7bn trade already being done; even more investment.
“Great to get stuck into removing remaining barriers to UK firms in health, offshore wind, banking, FinTech, whisky, beef & lamb. Let’s try for even more trade!”
Currently, the UK does not recognise the state of Taiwan but does hold diplomatic relations under an unofficial basis.
Due to this, there is no free trade agreement between the two states, and instead, the UK-Taiwan hold annual trade negotiations.
These trade talks have been held almost every year since 1991.
The UK does this due to the ‘One China’ policy, which states there is only one sovereign state under the name of China – Taiwan is known as the Republic of China.
The Pentagon has confirmed the £1.4billion will contain three-weapons systems aimed at helping the state maintain its defence capability.
The deal will include 135-precision-guided cruise missiles as well light mobile rocket launchers.
Taiwan has stated the weapons system will allow the state to build credible combat capabilities.
Like the UK, the US does not recognise the state but did sign the Taiwan Relations Act in 1979 whereby America has pledged to supply the country with arms to protect itself.
Following the landmark arms deal, Beijing lashed out at the US for interfering in its region.
Foreign ministry spokesman, Zhao Lijian said today: “The United States seriously violates the one-China principle and the provisions of the three China-US joint communiqués, especially the August 17 Communiqué, by selling arms to the Taiwan region.
“It seriously interferes in China’s internal affairs, seriously harms China’s sovereignty and security interests, sends out gravely wrong signals to Taiwan independence forces and severely undermines China-US relations and peace and stability across the Taiwan Strait.