China, Britain ink $4 billion deals

January 12, 2011 - 0:0

LONDON - China and the United Kingdom are determined to strengthen trade ties, as the two countries inked 2.6 billion pounds ($4 billion) worth of deals on Monday, the second day of Vice-Premier Li Keqiang's UK visit.

Li held talks with British Prime Minister David Cameron and Deputy Prime Minister Nick Clegg in London. The topics discussed covered international security and climate change, which the UK and China have worked closely together on.
A total of 15 deals were signed, including a deal on China sending two pandas to Edinburgh Zoo in Scotland, and a commitment by Jaguar Land Rover to increase sales to China. Others cover finance, energy and climate change.
""We had successful talks covering a range of issues, and we witnessed the signing of a number of agreements, including commercial deals with an estimated contract value of at least 2.6 billion pounds,"" Clegg said.
He said the deals will safeguard 700 jobs in the UK and are estimated to have the potential to create many more.
Both countries are keen to strengthen economic ties during the four-day visit that began in Scotland on Sunday. Cameron said ahead of the talks that better ties with China would boost British ""trade, jobs, and economic growth"".
Accompanied by some 120 business leaders from China, Li arrived in Edinburgh on Sunday.
While in Scotland, Li signed a $10 million renewable energy technology licensing deal. The contract will allow technology pioneered in Scotland to be used to generate power from domestic rubbish at a plant in China.
The operators of the Grangemouth oil refinery in Scotland also struck a deal with China's largest oil and gas producer to safeguard the future of the facility.
Grangemouth refinery operators Ineos announced the joint venture with PetroChina, which will see them work together and share skills, according to the BBC.
The Grangemouth deal will secure 2,000 Scottish jobs, the Scottish government said.
Li will wrap up his UK visit on Wednesday. He will also meet Foreign Secretary William Hague and the Duke of York, and address a business banquet at the China-Britain Business Council.
He will also visit a sustainability project in Watford.
(Source: BusinessAsiaOne.com)
Photo: Chinese Vice Premier Li Keqiang’s (L) and UK Deputy Prime Minister Nick Clegg in London, Monday, Jan10. (Photo: China Daily