Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.
International Trade Minister Graham Stuart MP travels to China today, to bolster the trade relationship between the United Kingdom and China post-Brexit.
Beginning his visit in the Chinese capital Beijing, the Minister will meet with key representatives in the Chinese government in the Ministry of Commerce and officials at the Chinese National Development and Reform Commission, to promote the United Kingdom-China economic relationship and champion British business in the region.
While in China, he will meet with dozens of potential investors, hosting roundtables with Chinese life sciences, education, infrastructure and financial services businesses, to promote the strengths of the United Kingdom as an investment destination and encourage stronger trade ties between the two countries.
The visit will see Minister Stuart lead a 200-strong delegation of United Kingdom business leaders representing sectors such as tech, manufacturing, transport and education to the Smart China Expo in Chongqing , where he will champion the United Kingdom’s global leadership in smart technology, and attend the United Kingdom’s flagship pavilion at the Horticulture Expo in Beijing, where the United Kingdom is showcasing its leadership in clean energy and sustainable development.
The 10-day visit comes as trade and investment with China reaches record levels, bilateral trade between the 2 countries has more than doubled over the past 10 years, with the latest statistics showing trade has succeeded the £70bn mark for the first time during the last financial year.
Over the last decade, China has been the 3rd biggest contributor to the overall increase in British exports, beaten only by Germany and the United States.
The Minister’s visit follows on from the United Kingdom-China 10th Economic and Financial Dialogue which took place in London in June this year.
The EFD saw the former Chancellor, Philip Hammond, and Chinese Vice Premier, Hu Chunhua, launch the London-Shanghai Stock Connect UK, which allowed listed companies to sell their shares in China for the first time, alongside the announcement of £500 million worth of commercial deals and partnerships.
Minister Stuart’s visit is expected to secure a number of commercial deals and new partnerships between British and Chinese businesses.