Now free from the EU, the UK is able to sign trade deals with states across the world. While an agreement with the EU still remains problematic, Martin Vickers, Tory MP for Cleethorpes and chair of the British-Taiwanese All-Party Parliamentary Group, urged the Prime Minister to look to rapidly growing economies such as Taiwan. Speaking to Express.co.uk, Mr Vickers also praised the country for how it has handled the coronavirus pandemic.
He added: “Our prosperity depends on free trade, wherever possible, and everything that we can do to expand or increase free trade, then that’s going to be good for everyone.
“They’ve got a highly developed electronic industry routine, how remarkably well they’ve coped with the pandemic.
“I would think that it did nothing but good to come with a closer working relationship.
“If you’re looking to do deals with growing economies, then that’s got to be good for the future.
“I very much hope that we will strike trade deals with many more countries.”
Amid negotiations with Japan, Trade Secretary, Liz Truss has indicated the UK’s desire to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The group is a trade agreement between 11 states including Singapore, Japan, New Zealand and Canada.
It also accounts for 13.5 percent of global GDP and reduces 95 percent of all tariffs on goods going between member states.
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“The EU countries are stagnant in terms of the economy.”
According to Government statistics, UK-Taiwan trade grew to £6.6billion in 2018 although the Government does not recognise the state and has no diplomatic relations.
However, it is hoped a new bilateral trade agreement will increase this figure post-Brexit.
The state is also planning to increase its share in renewable energy sources and could forge strong links with the UK’s attempts to push for more green energy.
Last week, the UK agreed its first free trade deal with Japan and it is hoped this deal will increase trade by an estimated £15.2billion.
Speaking on the deal, Ms Truss said: “This is a historic moment for the UK and Japan as our first major post-Brexit trade deal.