Tue, June 28, 2011
China > China & World

UK and China announce deals worth US$2.3 billion

2011-06-27 12:57:04 GMT2011-06-27 20:57:04(Beijing Time)  SINA.com

Chinese Premier Wen Jiabao inspects a guard of honour at the Foreign Office before meeting with Britain's Prime Minister David Cameron in London June 27, 2011. [Photo/Agencies]

Chinese Premier Wen Jiabao waves as he stands with Britain's Prime Minister David Cameron in Downing Street in London June 27, 2011. [Photo/Agencies]

Chinese Premier Wen Jiabao (2nd R) heads a delegation during a meeting with a British delegation headed by Prime Minister David Cameron, in the Cabinet room at number 10 Downing Street in London June 27, 2011. [Photo/Agencies]

LONDON - Britain and China unveiled a series of deals worth 1.4 billion pounds ($2.3 billion) during a visit by Chinese Premier Wen Jiabao on Monday, including a new agreement between energy group BG Group and Bank of China to help BG expand there.

"Our target is a hundred billion dollars of bilateral trade by 2015, something we discussed and agreed again this morning. To achieve that both countries must continue to make the case for mutual commitment to market access," UK Prime Minister David Cameron said.

"I'm delighted that today's summit has seen new deals signed worth another 1.4 billion pounds. This includes BG's memorandum of understanding with the Bank of China."

Cameron was speaking at a news conference with Wen following a summit between the two leaders. Premier Wen is in the middle of a European tour taking in Hungary, Britain and Germany.

"The breadth of deals agreed today shows that we can all gain from freer markets and that the EU and China should continue to open up to trade in both directions," Cameron said.

DEALS

Wen told the BBC on Sunday China plans to stimulate domestic demand and reduce its foreign trade surplus to encourage balanced trade growth.

He repeated his assurance that China would remain a long-term investor in European sovereign debt, saying China would lend to those countries experiencing difficulty borrowing.

As part of the deals announced on Monday, gas company BG Group said it had signed a cooperation agreement with Bank of China that allowed for up to $1.5 billion of new funding options to support BG's growth plans.

The Chinese market for British poultry exports, potentially worth 10 million pounds a year, was also expected to be reopened in the wake of Wen's visit. China banned poultry products from Britain following an outbreak of bird flu at a farm in eastern England in 2007.

An expansion of trade in pork products was also expected, following agreements last November to export British breeding pigs and British pig meat to China.

Wen's visit is the latest of several recent high-level diplomatic exchanges between Britain and China, including a visit to China by Cameron last November.

Britain wants to double trade with China by 2015, in line with the British government's strategy of expanding business with fast-growing emerging markets to help offset subdued domestic demand at a time of sharp spending cuts.

(Agencies)

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