UK will hold first trade talks with China in 7 years
The Department for Business and Trade has announced that the UK will hold its first trade talks with China in seven years as part of a move to deliver economic growth.
The newly appointed Business and Trade Secretary Peter Kyle will use the first UK-China Joint Economic and Trade Commission (JETCO) since 2018 to press for British businesses to have greater access to the Chinese market, the second-largest economy in the world.
The trip to Beijing will finalise new trade wins that make exporting easier for British companies, putting more money into employees’ pockets as part of our Plan for Change, and boost cooperation in our biggest sectors, including professional services, automotive, and healthcare.
This comes as new figures show nearly £2 billion in export wins to China were supported by the government in the last financial year, with creative industries, retail, and healthcare among the biggest successes.
In an accompanying statement, the department said that revising the trade relationship with Beijing through these engagements could present huge opportunities for UK exporters, potentially providing greater access to British businesses to a country with a growing middle-class market that is forecast to contribute 23% of global growth between 2023 and 2050.
The Secretary of State will also raise challenges in the bilateral relationship, including human rights and level playing field issues that undermine fair competition for UK business.
“Serious and strategic engagement with the world’s foremost economic players is what will deliver for working people and businesses across the UK. Restarting trade talks with China is an essential tool to put money into people’s pockets as part of the government’s Plan for Change,” said Kyle.
“British businesses will be an important part of my visit, helping open doors to greater commercial opportunities. More discussions and direct engagement with China will ensure trade between us can flourish, strengthen our national security, and create space to raise concerns constructively where needed.”
