British businesses feel that the UK's departure from the European Union could bring bigger and better business in from their Asian counterparts. In a survey of 212 UK-based companies by the British Chambers of Commerce in China, 47 percent saw the Brexit as a positive opportunity for London to enter into a comprehensive free trade agreement with Asia's superpower, specifically Beijing, writes AFP.
Less than 8 percent see Brexit as a hindrance to growth and around 27.6 percent believe that it might make a negative effect on their businesses in China. Meanwhile, almost 62 percent said that it will have no impact at all. This high level of optimism in potential China-UK relations is one of the reasons why local businesses are having positive expectations for their respective industries in the next two years. Some even noted that they intend to either expand their operations or set up shop in China in the next year.
In a press release, British Chamber chairman Nicholas Hoult encourage lawmakers to make sure that any trade agreements entered between the UK and China are fair to all parties concerned, noting that additional safeguards should be given in favor of British enterprises. Chinese businesses, on the other hand, are reportedly also looking forward to the completion of Brexit, so China-UK and China-EU initiatives can commence. As of this writing, the Brexit process is in a deadlock and there are about a hundred days until the UK finally exits the EU.
The issues between China and the EU are similar to the concerns that are currently sparking the China-US trade war, writes Business Day. The main difference, however, is that the EU has stayed committed to potential integration. Beijing on the other side has promised that it would explore a mutually agreeable free trade agreement with the UK after Brexit. In November, the EU said it would look into building or revising rules that would involve foreign investment into their area, particularly those from China, given the influx of investments from the Asian country.
