China and Britain have agreed to look at the possibility of reaching a “top notch” free trade agreement after Britain leaves the European Union. Britain has pushed a strong message to Chinese companies that it is fully open for business as it prepares to leave the EU next year, and China is one of the countries with which Britain would like to sign a post-Brexit free trade deal. In a statement released after talks between British Trade Minister Liam Fox and Chinese Commerce Minister Zhong Shan in Beijing, Shan said they had discussed how to boost two-way investment and expand trade in services.
Both countries also agreed to “actively explore the possibility of discussing a top notch free trade agreement between the two sides after Brexit,” the ministry added. Both leaders also talked about legal services cooperation and making work visas easier. Shan added that he hoped Britain would use the opportunity of a major import fair in November in Shanghai, which President Xi Jinping is overseeing, to expand its exports to China.
The statement cited Fox as saying that he would be leading Britain's delegation to the import fair, along with Prince Andrew, a senior member of the British royal family. Fox said that Britain aims to boost exports to 35 per cent of gross domestic product after leaving the EU as it looks to increase trade ties with the rest of the world, but he gave no time-frame for reaching the target.
