Looking for traders for joint trading
They will discuss details on how both sides can further looking for traders for joint trading trade and investment ties, as well as explore all options for enhancing the trade and investment relationship without prejudging outcomes, he said.
The UK's trade volume with China is no longer counted as part of the European Union's total as the former left the alliance at the end of January this year, according to China's Ministry of Commerce. Edwards said that leaving the EU has given the UK an opportunity to forge a new role for itself in the world, and be a positive and powerful force for free trade. It will be effective from Jan 1,after the end of the transition period.
It will also be the first time in almost five decades that the UK will have its own tariff policy. Globally, the UKGT will almost double the number of products that are tariff-free relative to what is currently applied.
Where tariffs have been kept, the UKGT reduces and simplifies tariffs on over 3, products. It ensures that 60 percent of trade will come into the UK tariff-free on World Trade Organization terms or through existing preferential access from January The UK official said his country will continue to be open to Chinese investment and its companies look forward to increasing their business in China.
Chinese and British manufacturing products and investment will gain more access to enter each other's markets with lower tariff rates once their governments reach a free-trade agreement in the future, said Zhou Mi, a senior researcher at Beijing-based Chinese Academy of International Trade and Economic Cooperation.
British banks and insurance companies will also face less barriers to enter China's financial markets, he said, adding that the new FTA will also boost people-to-people exchanges, two way investment in services and high-end manufacturing sectors between the two nations. The UK is not alone.
China has already signed a free-trade agreement with non-EU members like Iceland and Switzerland. China and Norway are now in talks to reach a free trade deal.
Affected by the outbreak, trade in goods between China and the EU amounted to 1. Related Stories.