UK secures 2 billion pounds of deals at CIIE

The China International Import Expo saw the UK delegation, led by the UK Secretary of State for International Trade Liam Fox, secure more than ￡2 billion ($2.5 billion) commercial deals across a range of sectors, including creative industries, healthcare, education, energy, mining and aviation.

The deals include a ￡30 million partnership between Clipper Media Capital and Arca Pictures on film co-production, a deal between TPP and Shanghai Kunfu Bio Technology to roll-out an AI-led health management app in Shanghai, and a deal signed by Rolls Royce worth more than ￡850 million.

A press release by the UK embassy to China said China's ongoing efforts to open up, increase imports across both goods and services and improve the business environment is welcomed by the UK government. It said in addition to the commercial deals that will have immediate benefits for the UK economy, CIIE saw China take some significant steps toward further opening of its economy.

"The Shanghai expo was a major success for UK firms with more than ￡2 billion of deals signed by businesses of all sizes. China demonstrated a real desire for British goods and collaboration with British firms and the UK delegation took full advantage," said Liam Fox said.

He also said there were also very encouraging signs that China is genuinely committed to further opening up of its economy. And while the UK welcomes the signals, it also wants to see a clear timeline for further opening up.

"Further liberalization in the services sector, in particular, is key for British firms as we have the world class expertises that many Chinese businesses need in order to reach their economic potential," Fox added.

Baroness Fairhead, UK minister for Trade and Export Promotion, said the UK Pavilion at the CIIE in Shanghai exhibited the very best of British innovation in areas like education, artificial intelligence and big data. UK businesses used this unique platform to secure substantial new sales.

"There is real and significant demand in China for British products and services. Indeed, recent research from Barclays shows that Chinese consumers are willing to pay more for goods made in the UK because of their trusted quality.

"Our department's new export strategy aims to ensure British businesses are properly supported to capitalize on this opportunity. Our goal is to help UK companies build even further on last year’s impressive 28 percent growth of exports to China," Fairhead said.