Trade and Investment Minister works towards deeper trading relationship with Hong Kong and China

13 Jul 2016 10:17 AM

Trade and Investment Minister Lord Price returns from his first official trip to Hong Kong and China.

Returning from his first visit to Hong Kong and China recently, Trade and Investment Minister Lord Price has reflected on positive meetings with key government and business representatives, reinforcing the commitment to maintaining and strengthening trading relationships.

Whilst attending the G20 trade ministers meeting in Shanghai, Lord Price set out the UK’s continued open and outward looking approach to trade and the government’s determination to retain comprehensive trade links with the EU and with the rest of the world.

G20 ministers agreed a joint statement following the meeting, concluding:

The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth.

We agree that we need to do more to achieve our common objectives for global growth, stability and prosperity.

Lord Price agreed, noting:

I believe we need a calm and collaborative approach. I’m optimistic about the future and look forward to working with my G20 colleagues on the next steps for global trade and investment.

A number of countries have already expressed interest in the idea of trade talks with the UK. We face the exciting prospect of continuing trading relations with Europe and enhancing trading relationships East and West, providing us with an opportunity to be a super-connected trading hub.

The trade ministers set out several pledges following the meeting, including committing to improving communication on excess capacity in sectors such as steel, including by participating in the OECD Steel Committee meeting in September; recognising the WTO Trade Facilitation Agreement to cut red tape, lower trade costs and free up world trade; and agreeing to drive forward an ambitious agreement to eliminate tariffs on environmental goods.

Ahead of the G20 meeting, Lord Price also met with close to 100 Chinese investors. The minister reported positive outcomes of his discussions including: