(MENAFN) The UK has initiated talks with China on an ambitious free trade agreement (FTA) which could see greater access for major Chinese financial institutes and businesses to the UK economy.
Consequently, this crucial move comes in spite the current economic shock from leaving the European Union, because the nation is looking into means to maximize the benefit in the long term.
Basically, in return for greater access to the UK for its manufactured products and investment, China would reduce barriers to Britain's service industries like banking and insurance as well as UK goods.
It's worth mentioning that this will be the 1st time the UK has embarked on such a major scheme with the 2nd largest economy in the world, hence it'll raise doubts about cheap goods entering the UK more easily.
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