TAIPEI (Taiwan News) – Taiwan has raised objections to Britain’s proposed trade services rules after Brexit and sought negotiations at the World Trade Organization, Reuters reported Thursday.
Taiwan cited eight sections it opposes regarding the new services schedule submitted to the WTO by the UK last month and expressed hopes to enter into consultations with the country gearing up to leave the European Union, in particular on the subjects of aircraft leasing and rental as well as financial services.
According to current rules, EU members are required to allow airlines to lease aircraft registered in any nation in the EU, but the UK has changed it to require the country’s airline companies to lease aircraft registered in the UK. The limitation would reduce market access, complained Taiwan.
Similar requirements also apply to certain areas in financial services, which Taiwan claimed would reduce market access since the geographical scope of establishment is restricted.
Should Taiwan join other WTO members to urge Britain to make adjustments to the proposed rules, the WTO may need to compensate these members by opening up trade in other fields, but such liberalization move would apply to all members of the organization, Reuters wrote.