The 14th meeting of the China UK Joint Economic and Trade Commission was successfully held

On September 11th, Minister of Commerce Wang Wentao and UK Secretary of State for Trade and Industry Peter Kyle co chaired the 14th meeting of the China UK Joint Economic and Trade Commission, exchanging in-depth views on trade, investment, multilateral and regional issues, and reaching broad consensus.

  China and the UK share extensive common interests, with a large scale of bilateral trade and a wide range of investment areas. Economic and trade cooperation is the cornerstone of China UK relations. The China UK Joint Economic and Trade Commission, which has been held for seven years, is a pragmatic measure to deepen the economic and trade relations between the two countries, and both peoples will benefit from it. The Chinese side appreciates the UK's appointment as the guest of honor at the 25th China International Fair for Trade and Investment and the 5th China International Consumer Fair this year, and welcomes more British funded enterprises to invest in China. China will expand imports from the UK, encourage Chinese companies to invest in the UK, and hope that the UK will protect the legitimate rights and interests of Chinese companies in accordance with the law. China is willing to work with the UK to jointly uphold free trade and the multilateral trading system.

Kyle stated that the UK attaches great importance to economic and trade cooperation with China, sees great opportunities in the Chinese market, is willing to expand service trade between the UK and China, encourage two-way investment between the two countries, strengthen industrial cooperation, and jointly maintain the multilateral trading system, promoting cooperation between the two sides within the framework of the World Trade Organization.

Both parties agree to convene meetings of the China UK WTO Joint Working Group, Trade Remedy Exchange and Cooperation Mechanism, and Trade Working Group; Give full play to the role of the China UK Export Control Working Group to facilitate the trade of compliant dual-use items; Strengthen investment policy exchange and cooperation, create a fair and non discriminatory business environment; Strengthen cooperation in fields such as new energy, pharmaceuticals, advanced manufacturing, and finance, and expand cooperation between local governments and enterprises; Strengthen cooperation in the field of standards and promote technological cooperation.

During the meeting, both sides signed the Memorandum of Understanding on Establishing a Sino British Joint Working Group on the World Trade Organization and the Memorandum of Understanding on Establishing a Sino British Trade Relief Exchange and Cooperation Mechanism. After the meeting, Minister Wang Wentao and Minister Kyle exchanged ideas with some British funded enterprises, as well as representatives from the UK China Business Association and the China UK Chamber of Commerce.