Shared Market & Future: Liam Fox: UK is one of the Countries of Honour at CIIE
Updated 13:50, 06-Nov-2018
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Around 30 British companies are participating in the CIIE. The UK's Government and business delegation will be led by British International Trade Secretary Liam Fox. CGTN's Zhang He sat down with him and talked about the UK's participation in the upcoming event.
ZHANG HE LONDON "The UK is looking to discuss a trade deal with China after Brexit. And you will be leading this delegation. Do you think this event will improve trade relations with China?"
LIAM FOX BRITAIN'S INTERNATIONAL TRADE SECRETARY "The whole of the CIIE has to be seen in the context of the Golden Era of the relationship between Britain and China, at present time that includes trade. If you look at our bilateral trade, that is up 15 percent over the past year. If you look at British exports to China, that's up 28 percent in the past year. So there is a very healthy trend already there and we want to build on that. As a Country of Honor, of course, we are in a very good position to do so. We will be looking also to hear from President Xi. The further announcement on opening up on the Chinese economy. If you look at what we sell to China is interesting. In most of Britain's trade around the world, it is roughly 50 percent goods and 50 percent services. In China, it is only 18 percent services because the market has a long way to go open up. So in our trade working group which we already have established, we are looking at how we can get liberalization and get the market opened up. After that, we will be able to think of what our future trade relationship might be, including a potential Free Trade Agreement sometime in the future."
ZHANG HE LONDON "The Chinese government has set certain objectives for the CIIE, including showing China's further opening up to the world and its commitment to free trade. So how do you see this event against the backdrop of rising protectionism?"
LIAM FOX BRITAIN'S INTERNATIONAL TRADE SECRETARY "It is very useful. It is a useful showcase. Its effectiveness will be dependent upon genuine measures that it is taken to open up its economy. As I say if you look at UK capability in services, we are the world second biggest service exporter. And yet we are only less than a fifth of export to China in services so we will be looking to opening up some of those markets. We have already seen goods in areas like dairy, seed potatoes. We have seen opening up those agriculture markets recently to UK products which has been enormously beneficial to both as trade on this. And Britain remains the champion of global free trade so we will want to set out what Britain can offer. And we want to see the policy positions put in place that we need to maximize Britain's ability to not only sell to Chinese consumer but to work with Chinese businesses. Remember, according to a Barclay survey, 57 percent Chinese consumers would choose to pay more for product just because made in Britain. It is the high quality, high standards that we have to offer which is I think so attractive to Chinese consumers and business."