In a bid to bolster economic collaboration, China and the United Kingdom have decided to expedite a joint feasibility study for a bilateral services trade agreement. This development signifies a crucial effort to deepen ties in high-value service industries amidst ongoing global trade challenges.
During the latest session of the China-UK Joint Economic and Trade Commission in London, Chinese Commerce Minister Wang Wentao expressed encouragement for increased British investment in China. He urged the UK to maintain a fair and non-discriminatory environment for Chinese companies operating within its borders. Both nations reiterated their dedication to upholding the rules-based global trading system, emphasizing their support through the World Trade Organization.
UK Business and Trade Secretary Peter Kyle underscored the significance of expanding cooperation in services as a cornerstone of bilateral relations. He noted that the rapid growth of China’s services sector presents substantial opportunities for British businesses. Kyle affirmed the UK’s readiness to enhance collaboration through the bilateral services partnership and the ongoing trade agreement study.
Concerns were also voiced by China regarding the UK’s newly implemented steel import restrictions, with a call for Britain to revise these measures to align with international trade rules. This issue remains a point of contention as both countries navigate their economic relationship.
Experts project that the proposed services trade agreement could open new avenues in sectors like finance, banking, education, professional services, skills training, and creative industries. Meanwhile, the trade in goods between the two nations continued its upward trend, with a 6.5% year-on-year increase in bilateral merchandise trade reported for the first five months of 2026.