Post Brexit, UK Seeks Free Trade Deal with China
Girish Shetti | | Jul 25, 2016 08:56 AM EDT |
(Photo : Getty Images) The UK is expected to sign a free trade deal with China soon.
The UK's Chancellor Philip Hammond has expressed confidence that Britain would be able to seal a historic free trade deal with China soon, the BBC reported.
Philip Hammond was speaking on the sidelines of G20 meeting in China, where the Chancellor stressed that Britain would be in a much better position to seize economic opportunities offered by non-European countries post-Brexit.
Like Us on Facebook
"The mood music that I have heard here is very much that this will mean more opportunity for countries like China that are outside the European Union to do business with Britain," Hammond said.
Hammond added that trade relations between Britain and China are already very robust, with major companies from both countries making huge investments.
This is the first time that the UK has initiated the process of signing a major trade with the second largest economy in the world. Earlier this month, Chinese state media reported that China's Commerce Ministry was interested in signing a free trade deal with the UK.
The BBC reported that free trade deal would give Chinese companies unprecedented access to Britain's economy. In return, the Chinese government is expected to reduce barriers for Britain's service industry players like banking and insurance as well as UK products.
However, the free trade agreement is likely to raise concerns about the impact of cheap Chinese manufactured goods easily entering into the UK market. Britain's steel industry has already been badly hit by China's cheap steel imports, with many of its big steel plants facing closure.
Hammond said he raised the issue of steel dumping during G20 meeting at Chengdu, adding that it would be "certainly appropriate" to start a fresh discussion over the issue with China's leadership.
Many trade analysts in the UK want the government to address concerns about China's dumping of cheap imports before signing the free trade.
Tagschina, brexit, China and UK, Britain China Free Trade Deal
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?