China, UK to further deepen business relations

China and the United Kingdom signed four economic and trade cooperation documents on Thursday, stepping up engagement in bilateral economic mechanisms, goods and services trade, as the two sides seek to further deepen business ties, according to a statement released by the Ministry of Commerce.

One of the key agreements was a memorandum of understanding on "Big Market for All - Export to China" cooperation. The UK has become the first country to sign such a document since the initiative was launched, said a ministry spokesperson in the statement on Friday.

The two countries will establish a dedicated cooperation mechanism to identify high-quality British goods and services with export potential to the Chinese market, enhance information sharing, organize promotional events and improve trade facilitation.

The two sides also signed memorandums of understanding on launching a joint feasibility study for a bilateral services trade agreement and on establishing a bilateral services partnership.

The spokesperson said the move would leverage complementarities in sectors, including creative industries, professional, financial, and healthcare services, between the two countries, while signaling joint support for free trade amid global uncertainty.

Moreover, a memorandum on strengthening the China-UK Joint Economic and Trade Commission was signed to reinforce its role as a platform for policy dialogue and investment promotion, expand interaction with business communities and help address corporate concerns through closer government-business engagement, according to the statement.