British industry hopeful Starmer-Xi talks will unlock new trade, investment

Agreeing visa-free travel and paving the way towards a future bilateral services agreement are meaningful advances that will turbocharge the UKs world-leading services sector, supporting jobs and growth at home, said Rain Newton-Smith, CBI Chief Executive.

British industry on Thursday expressed optimism that Prime Minister Keir Starmer's talks with Chinese President Xi Jinping in Beijing will unlock new avenues of trade and investment, as the UK government unveiled plans for visa-free travel and greater market access. Starmer hailed the ''warm welcome'' granted to his delegation of around 60 of Britain's largest businesses and cultural organisations, which would pave the way for ''new partnerships'' across healthcare, financial, professional and legal services, education and skills sectors. The UK and China have also agreed to conduct a ''joint feasibility study'' to explore whether to enter negotiations towards a bilateral services agreement, aimed at enhancing the 13 billion pounds worth of services sold by UK firms to China annually. ''As one of the world's economic powerhouses, businesses have been crying out for ways to grow their footprints in China,'' said Starmer, in a statement released by 10 Downing Street. ''We'll make it easier for them to do so – including via relaxed visa rules for short-term travel – supporting them to expand abroad, all while boosting growth and jobs at home,'' he said. Following an agreement struck in Beijing, China is set to relax visa rules for British citizens and bring the UK in line with 50 other countries, including France, Germany, Italy, Australia and Japan. It will mean people making short visits to China for business or tourism will be able to travel visa-free, Downing Street said. ''There are huge growth opportunities for services, currently underweighted in our exports to China, from the legal and financial sectors to health and education,'' said UK Business and Trade Secretary Peter Kyle, who is accompanying Starmer in China. ''That's why we are excited to be joined on this visit by top UK enterprises, as well as fast emerging ones and leading figures from across our cultural and service sectors, to reinforce cooperation, showcase our strengths, and build new business opportunities for Britain,'' he said. The Confederation of British Industry (CBI) reacted positively to the ''important step'' taken by the Labour Party government to help UK firms seize ''significant opportunities offered by one of the world's largest and most dynamic economies''. ''Agreeing visa-free travel and paving the way towards a future bilateral services agreement are meaningful advances that will turbocharge the UK's world-leading services sector, supporting jobs and growth at home,'' said Rain Newton-Smith, CBI Chief Executive. ''The Prime Minister's visit to China presents an exciting opportunity to unlock new avenues for trade and investment by continuing to forge robust partnerships and foster mutual prosperity,'' said Bill Winters, Group Chief Executive of Standard Chartered Bank. HSBC Group Chairman Brendan Nelson said a ''strong and balanced'' economic and commercial relationship between the UK and China will support two-way growth, jobs and investments. ''As a high-growth sector with our world-leading expertise in demand, this partnership comes at the right time to support international expansion. The further opening up of this major new market will unlock significant bilateral trade and investment opportunities and create jobs across the UK,'' said Melissa Geiger, Chair of KPMG UK and Switzerland. While in Beijing, Starmer and Premier Li Qiang hosted the UK-China Business Council to bring together the UK delegation with CEOs and chairs of leading Chinese companies. It was conceived as a ''one-off platform'' for companies from both nations to showcase opportunities and explore deeper commercial collaboration in future. The leaders affirmed their shared commitment to building a consistent, long-term, and strategic partnership and to deepen cooperation in a range of further areas, including education, sports and health, kicking off with agreements signed in Beijing, Downing Street said. Official details around the pacts agreed in China this week cover areas such as Transnational Organised Crime and Illegal Immigration; Cooperation in the Field of Conformity Assessment; Exports from the UK to China; Cooperation in Domiciliary Services and Sports Industries; Collaboration in Technical and Vocational Education and Training (TVET); Cooperation on Food Safety, Animal, and Plant Quarantine; and Health Cooperation. PTI AK ZH ZH ZH

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