House of Lords written question – answered on 26th October 2011.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty's Government what tangible benefits to the United Kingdom there have been as a direct result of the trade delegation to China led by the Prime Minister in November 2010.

Photo of Lord Wallace of Saltaire Lord Wallace of Saltaire Lords Spokesperson (Cabinet Office), Lord in Waiting (HM Household) (Whip)

Since November 2010, including the visit by my right honourable friend the Prime Minister to China, over 50 commercial signings worth more than £4.83 billion have been witnessed by Ministers or linked to ministerial visits. These visits are also used further to encourage China to open its domestic markets.

The Prime Minister's visit to China in November 2010 emphasised the UK and China as partners for growth, indicating the complementary nature of our two economies which, if exploited to the full, will provide a boost to both countries' growth.

To demonstrate the significant potential for collaboration, the UK and China agreed to increase the value of bilateral trade (goods and services) by 2015 to US$100 billion a year. Within this the UK intends to raise exports to China to US$30 billion per year over the same period.

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