Britain and China agreed to opt for the possibility of reaching a free trade agreement after the UK leaves the EU. This was the announcement of the Commerce Ministry of China after talks with Liam Fox, Trade Minister Britain.
The UK has sent a strong message to companies in China that it is open for business while preparing to leave the EU in 2019. Recently, China offered Britain to talk regarding a trade deal. China has discussed the ways to boost bilateral investment, and also regarding expansion of services. Both the countries agreed to discuss the Agreement, between the two sides after Brexit happens.
Additionally, such a trade pact with China would signal a political victory for UK government. It is not possible to begin official talks until Brexit happens. Moreover, such talks take several years to yield fruits. Also, the other topics of talks of Mr Zhong and Mr Fox were about cooperation in legal services, and also to make the process of work visas easy.
Mr Zhong also added that Britain, must utilize the opportunity of the Shanghai import fair, to expand its exports to China. This is being held under the supervision of Chinese President in November. Mr. Fox himself is leading the delegation of Britain with Prince Andrew, a member of British Royal Family.
Britain presently has an aim to increase its exports to 35 percent of GDP after leaving the EU. Finally, it is looking to increase trade ties with the world. He gave no time-frame to reach this target. Mr Fox is holding preliminary talks around the globe ahead of future trade negotiations.