Officials in China have said that they are looking to create a free trade agreement with Britain after it withdraws from the European Union.
The comments, made by the country’s commerce minister, Zhong Shan, came following a recent trip by UK Trade Secretary, Liam Fox, which looked to create the foundations of an agreement that would be mutually beneficial for both countries.
According to the Chinese Commerce Ministry, Britain and China agreed to “actively explore the possibility of discussing a top-notch free trade agreement between the two sides after Brexit”.
Chancellor Philip Hammond initiated talks of a deal during a visit to China in June, where he said: “As a firm supporter of trade liberalisation and a free market, the United Kingdom is China’s long-term trusted partner.
“Britain is committed to promoting free and open trade, and as Britain and its European cooperation partners form a new relationship, we will deepen our relations with other regions around the world.”
However, the most recent trip seems to have cemented a stronger relationship between the two nations at an important point for both countries.
China is currently under economic pressure following fierce trade disputes with the United States, which has imposed significant trade tariffs on Chinese imports.
The UK trade mission sought to make clear that Britain is open for business post-Brexit and the latest trip is understood to have been given the full backing of MPs on both sides of the chamber, who are keen to expand trade to Asia in a post-Brexit world.
Despite the success of the recent trip, more formal talks and agreements cannot be conducted until Britain leaves the EU in March 2019.
Liam Fox recently outlined the Government’s intention to boost exports to 35 per cent of gross domestic product after leaving the EU in a new export strategy and has indicated that countries like China could play a big role in driving up exports.
He said he will be attending a major import fair in November in Shanghai with Prince Andrew, where he hopes to strengthen bonds with China and its President Xi Jinping.