A spokesperson for the Ministry of Commerce of the PRC reported that on 29 January, in the presence of Chinese Prime Minister Li Qiang and UK Prime Minister Keira Starmer, Chinese Trade Minister Wang Wentao and British Business and Trade Minister Peter Kyle signed 4 papers concerning economical and trade cooperation between China and the United Kingdom. The agreements cover trade in goods, trade in services and the construction of cooperation mechanisms, strengthening the further improvement of the economical relations of both countries.
Firstly, the Memorandum on a cooperation agreement under the "Common large marketplace – Exports to China" initiative was signed. Britain has become the first country to sign specified a memorandum with China since the launch of this initiative. Both parties will set up a "export to China" cooperation mechanics to better exploit the possible of British high-quality goods and services on the Chinese market, to increase the level of trade facilitation, which will foster a healthy improvement of bilateral trade.
Secondly, a Memorandum was signed to launch a joint feasibility survey on the Chinese-British trade in services agreement and a Memorandum to establish a bilateral partnership in the service sector. The Parties will launch analytical work on the Agreement on Trade in Services and, utilizing complementarity and their own strengths, will deepen cooperation in, inter alia, creative industries, professional financial services and wellness protection, confirming common support for free trade.
Thirdly, a Memorandum was signed on strengthening the work of the China-British Joint Committee on economical and Trade Cooperation. The aim of the paper is to strengthen the function of the committee as a platform for political dialog and for promoting trade and investment, to strengthen cooperation with the Chinese-British Business Council, to strengthen dialog between government and businesses and to respond more effectively to companies' needs, creating a solid organization basis for further deepening economical cooperation.