China UK Photo:VCG

Chinese Commerce Minister Wang Wentao conducted frank and pragmatic exchanges with UK Business Secretary Jonathan Reynolds on further deepening China-UK economic and trade cooperation on Monday, per a readout issued by the Chinese Ministry of Commerce (MOFCOM) on Tuesday night.

The two sides agreed to jointly implement the important consensus reached by their leaders, expedite the convening of the 14th China-UK Joint Economic and Trade Commission meeting and enhance practical cooperation in all areas of economic and trade sectors, according to the MOFCOM post.

Wang said that as major economic and trade partners, China and the UK must address past issues through consultations to resolve differences, while pursuing future-oriented dialogue to expand cooperation in sustainability, digital economy, green technology, finance and other fields.

China will further expand high-level opening-up and welcomes UK companies to continue investing and operating in China to share the opportunities of the Chinese market, Wang said.

Wang added that the current global economic order faces severe challenges from unilateralism and protectionism. As key members of the WTO, both countries should firmly uphold the multilateral trading system with the WTO at its core.

Reynolds said the UK places high importance on economic and trade cooperation with China and values the vast Chinese market. The UK stands ready to expand bilateral trade, particularly in services, and welcomes continued investment by Chinese enterprises in the country. Both nations would jointly foster a stable, pragmatic, and predictable bilateral economic and trade relationship, said the UK Business Secretary, according to the MOFCOM's readout.

The UK stands ready to work with China in upholding free trade and open markets, strengthening cooperation within multilateral frameworks, and jointly safeguarding the multilateral trading system, according to Reynolds. 

Global Times