Theresa May Wishes Free Trade With China
The British Prime Minister Theresa May seeking a free trade agreement with China ahead of Brexit, arrived in China on Wednesday.
Beijing is well aware of the fact that U.K needs to have more business with China so that country’s position could be boosted before U.K exits the European Union trade bloc. The Chinese leaders are also believed to be looking for something, endorsement of Xi Jinping’s, Belt and Road Initiative.
Belt and Road Initiative is the pet project of Xi Jinping.
According to May, the project seems to have quite a lot of potential but warned that it has to be carried out in the correct manner. She said that she would like to ascertain that international standards are being followed and there is transparency. May said that she will be discussing these with her Chinese panelists.
May’s has shown reservation regarding the Belt and Road project since 2017 when China’s first freight service by train was launched in the United Kingdom.
The Belt and Road Initiative intends to connect Europe, Asia, Africa and Middle East through a diverse logistics and transport network with the usage of roads, railway tracks, airports, pipelines, ports as well as fiber optic lines and transnational electric grids.
The plan is still in its budding stage. The Belt and Road Initiative involved participation of 65 countries which accounted for 1/3 of the global GDB combined. It also represented 60% of the population of the world or as per Oxford Economics, 4.5 billion people.
Asia Pacific Chief economist Rajiv Biswa at the HIS Markit said, the British restraint regarding the Belt and Road Initiative originates from the Western concerns regarding how the Chinese firms dominate an increasing ribbon of the globe.
Since long, China has been making efforts to sell the Belt and Road project to the British ahead of May’s visit to China.
The two nations seem to share a cool relation after the British government was ordered by May to review a Chinese investment in a nuclear power plant in 2016.
On Tuesday, aspokeswoman for Chinese foreign ministry, HuaChunying said at a news conference called the Belt and Road an open platform for cooperation.