Following a state visit to China, the UK Department for Business and Trade (DBT) announced £2.2 billion in export deals and around £2.3bn in market access wins over five years.
The UK-China Joint Economic and Trade Commission (JETCO) met to discuss business environment and market access issues impacting UK and Chinese businesses.
Additionally, JETCO also discussed global trade tensions, priorities for World Trade Organization (WTO) reform and global economic imbalances.
As per the DBT’s announcement, JETCO reviewed progress on the following joint working groups:
- WTO Working Groups
- Trade Remedies Exchange
- Export Controls
- Investment Working Group
- Trade in Services Working Group
JETCO also saw the agreement of a host of trade-related changes, such as China agreeing to cut tariffs on whisky from 10% to 5%.
Reportedly, China is Scotch whisky’s 10th largest market by value, with the deal estimated to be worth £250m to the UK economy over 5 years.
Chinese entertainment brand POP MART – the producer of viral toy Labubus – also confirmed plans to establish London as its regional hub.
POP MART chairman and CEO, Grant Wang, said: “London stands at the heart of the global creative ecosystem, and we are thrilled to plant our European roots here.
“We feel privileged to have partnered with renowned British IPs like Harry Potter, and we look forward to continuing to contribute to and grow alongside the dynamic culture and creative landscape of the UK and European markets.”
The meeting also welcomed the launch of the UK-China Business and Innovation Hub in the Suzhou New District, Jiangsu Province.
The hub will support two-way trade and investment, serving as a launchpad for UK businesses entering the Chinese market and for Chinese companies exploring opportunities in the UK.
Both sides also discussed how to further optimise the business environment within the hub to encourage greater UK business presence.
UK business & trade secretary, Peter Kyle, said: “We will leave China having put our relationship with one of the world’s biggest economies on a stronger footing, unlocking billions for the UK, and setting the course for new commercial partnerships.
“This shows that consistent and clear-eyed engagement is the right approach proving the UK doesn’t need to choose between our trade partners.”
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