On 27 February, Representative Lin met with the Lord Mayor of London, Dr Andrew Parmley, to promote UK-Taiwan cooperation in financial services and trade and investment. Accompanied by a delegation from the Taipei Representative Office in the UK (TRO), the Representative highlighted the opportunities for collaboration in offshore RMB business, green finance, and FinTech (financial technology).
Referencing Taiwan’s large RMB currency reserves and London’s status as a global clearing centre for RMB, Representative Lin stressed the necessary foundations for heightened cooperation are already in place, a sentiment echoed by the Lord Mayor. On green finance, Representative Lin spoke of Taiwan’s devotion to developing new initiatives in the field, suggesting Taiwan and the UK can work together to provide green companies with increased funding, and their investors with more business opportunities.
The Lord Mayor of London welcomed news that Taiwan’s Financial Supervisory Commission (FSC) and the UK’s Financial Conduct Authority (FCA) are due to sign an agreement on FinTech, and expressed his willingness to explore more opportunities for exchange with Taiwan in FinTech and green finance. He said the UK is leading global innovation in both areas, and that greater cooperation with Taiwan is excellent news for their future development.
Trade and investment opportunities were also discussed, with Representative Lin stating that a Bilateral Investment Agreement (BIA) or Free Trade Agreement (FTA) would significantly enhance Taiwan-UK economic ties. As a first step in initiating future trade negotiations, the Representative said Taiwan would like to propose a joint feasibility study on an BIA/FTA and called on the message to be conveyed throughout the City of London’s business community.