The British Chamber of Commerce in China said it remains optimistic that the annual meeting of the UK-China joint economic and trade committee (JETCO) will be convened in 2022, since the last one was held in 2018, given that the UK has consistently taken the view that it is important to engage with China in areas of mutual interest, including trade. Foreign media outlets have reported that British officials are in discussions about holding JETCO this year. Such meetings between the two countries were held annually until 2018.
“The UK has consistently held the view that it is important to engage with China in areas of mutual interest, including trade. We anticipate that JETCO will continue going forward,” Julian MacCormac, Chair of the British Chamber of Commerce in China, told the Global Times. JETCO is an important platform to build understanding and enhance bilateral trade and investment between the UK and China, the Chair said. Previous meetings have led to market openings in China, including in the cosmetics and food and beverage sectors, and helped support investment from China to the UK, the Chair said, hoping for positive steps to enhance trade and investment in this year's JETCO. With Prime Minister Boris Johnson reportedly seeking closer economic ties with China by restarting trade talks, the UK government's China policy, at least in economic and trade areas, seems to have taken a new turn. However, the tougher attitude toward Beijing from some cabinet members over so-called security needs, and the UK blindly following in the U.S.' footsteps, continue to cast a shadow of uncertainty that hampers the potential of bilateral economic and trade ties from being fully unleashed, experts said.
When talking about the biggest challenges for British companies in doing business in China, MacCormac said that “most companies say they are not directly impacted by difficulties in the UK-China relationship.” The latest British Chamber of Commerce in China's Business Sentiment Survey highlights that while many companies are concerned about bilateral tensions, businesses remain overwhelmingly committed to the Chinese market and optimistic about their future in China, according to the Chamber. Despite the weak growth of the global economy remaining a concern, MacCormac said that “the British companies are optimistic about their prospects in China for 2022 and many UK companies say they have plans to increase their investment in China.” The British Chamber believes that JETCO could help address some of the challenges, and the companies will have the potential to unlock significant trade and investment opportunities in China, the Global Times reports.
