The China-Britain Business Council (CBBC) has conducted a survey with responses from 266 companies within its network on the effect leaving the EU will have on UK-China business opportunities and on the need for a free-trade agreement (FTA) with China.
- 56% of respondents stated that the UK leaving the EU would create ‘many more’ or ‘more’ business opportunities with China for the broader UK-China business relationship
- 44% of respondents stated that an FTA would create ‘many more’ or ‘more’ business opportunities with China for their own companies
- 88% of respondents have the opinion that the need for an FTA with China is either ‘very important’ or ‘important’, with 73% believing it is possible to achieve ‘in less than 5 years’.
- 95% of respondents stated that reduced tariffs would be positive for their particular sectors.
- Key recommendations from respondents for any negotiations around an FTA included ensuring a simpler approach to dispute resolution, simplified UK and Chinese visa rules, the strengthening of IP rights, removing tariffs altogether, standardisation and digitisation of all trade documents and lastly reinforced protection for foreign investors in joint ventures.
CBBC makes a number of recommendations on the back of these findings to further support UK-China trade and investment in the coming years. These include establishing specific taskforces in the UK and China to make recommendations and advise on specific sectors and issues.