Prime Minister David Cameron has announced trade deals worth £1.4 billion following the UK-China summit in Number 10.
Chinese Premier Wen Jiabao, who is visiting the UK for the three day summit, was welcomed by Mr Cameron at the Foreign Office with a guard of honour before moving to Number 10 for talks.
Following their meeting, the PM said trade with China represented a “huge opportunity” for the UK, and the countries were on target to meet their aim of expanding bilateral trade to 100 billion US dollars by 2015.
The PM said that as an open economy, Britain was “the natural home” for Chinese investment into Europe.
China’s economic progress is creating huge opportunities for the UK. As our economies become increasingly complementary, the UK has the goods and services, experience and skills to match China’s ambition to move up the value chain.
Since my visit last November UK exports of goods to China have increased by more than a fifth and I’m delighted that today’s summit has seen new deals signed worth another £1.4 billion. Building on this trade and investment will mean jobs, growth and prosperity for us all.
Some of the agreements reached include giving UK companies greater access to Chinese markets in architecture, civil engineering and research and development.
A ban on British poultry exports to China is also being lifted while more British pigs and pig meat are to be sold to China. Agreements on services and taxation were also reached.
The summit builds on Mr Cameron’s visit to China in November 2010 when he led the largest ever British ministerial delegation and secured a range of commercial and Government arrangements, including a Rolls Royce deal worth $1.2 billion.
At the summit, Mr Cameron was accompanied by the Chancellor and Foreign Secretary. Premier Wen was accompanied by a delegation of Ministers from across the Chinese government, including Foreign Minister Yang Jiechi, Chairman of the National Development and Reform Commission Zhang Ping, Trade Minister Chen Deming, and Chairman of the Peoples Bank of China, Zhou Xiaochuan.