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Cameron Throws Weight Behind EU-China Trade Talks

by Robert Lee, Tax-News.com, London

04 December 2013


David Cameron has said that he will put his "full political weight" behind the trade deal under negotiation between the European Union (EU) and China.

The UK Prime Minister was taking part in a three-day trade mission to China, accompanied by the Secretaries of State for Health, Environment, Culture, Universities, Trade, and the Foreign and Commonwealth Office.

Cameron kicked off his visit with an article in the Chinese business publication Caixin. In his piece, Cameron stressed the need for "a new long-term goal of an ambitious and comprehensive EU-China Free Trade Agreement." He intends to build on the recent launch of investment talks between the two parties, and on China's burgeoning economic reforms.

According to Cameron, the UK is "uniquely placed to make the case for deepening the European Union's trade and investment relationship." Initial analysis suggests that a successful treaty could be worth up to GBP1.8bn (USD2.95bn) a year to the UK economy alone.

The Government further estimates that eliminating tariffs in the 20 sectors where they are highest could save UK exporters approximately GBP1bn a year. High tariff areas, such as pharmaceuticals, mechanical and electrical goods, and vehicles, account for 36 percent of all UK exports to China.

TAGS: tax | investment | business | free trade agreement (FTA) | tariffs | trade treaty | China | United Kingdom | agreements | trade | European Union (EU) | free trade zone | Europe

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