Britain eyes ‘commercial potential’ of Belt and Road Initiative

APD NEWS

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The man responsible for Britain’s global trade after Brexit stressed the “significant commercial potential” of the Belt and Road Initiative (BRI) in a speech on Wednesday evening.

International Trade Secretary Liam Fox identified “sustainable infrastructure, financial and legal services, innovation and technology, and public health” as areas in which Britain could cooperate on the BRI as he addressed the China All Party Parliamentary Group in London.

China Development Bank and the UK’s Standard Chartered signed a deal worth 10 billion yuan (1.6 billion US dollars) on Belt and Road cooperation during British Prime Minister Theresa May's recent three-day official visit to China.

“More broadly, if well implemented, the Belt and Road Initiative could help support development and global economic growth across Asia and beyond,” Conservative MP Fox added.

Business opportunities

Fox, who has visited China twice in recent months, said the commercial partnership between the UK and China “continues to go from strength to strength” noting that official UK figures show goods exports to China rose by 34.9 percent last year.

“Our strengths in services, consumer goods and advanced manufacturing are a good fit for the changing shape of the Chinese economy,” Fox said. “Technological advances make it easier for our SMEs to sell online, either directly or via a platform such as Tmall or JD.com.”

Theresa May, UK prime minister, left, passes Jack Ma, chairman of Alibaba Group Holding Ltd, as she walks on stage to speak at the China-UK Business Forum in Shanghai, China, February 2, 2018.

Fox was speaking one month ahead of the GREAT Festival of Innovation in Hong Kong Special Administrative Region. The festival is designed as a “major showcase for the UK’s talent, creativity and design on the world stage,” the trade secretary said.

“The best entrepreneurs and the most advanced technology from across the UK and Asia will explore how we will work, live, play and learn in the future, helping to advance the economic cooperation of our two countries for years to come.”

Fox was part of May’s visit to China from January 31 to February 2. Representatives from around 50 British businesses also made the trip, and deals worth around 13 billion US dollars were signed.

(CGTN)