UKTI inks China e-markets deals
UK TRADE and Investment, the government department that promotes UK business abroad, yesterday signed two new initiatives to allow British companies to expand into China’s ecommerce market.
The initiatives will be run by two of China’s leading online platforms, Shangpin and Tmall, and will enable customers in China to buy British fashion and food products.
Shangpin, an online fashion retailer, has signed a memorandum of understanding with the China Britain Business Council to allow British fashion brands to sell to Chinese consumers. An agreement has also been reached with Tmall to open the British Foodhall, a new platform selling British food and drink products.
The agreements were unveiled by UKTI chief Dominic Jermey as he starts a week-long tour of China to promote British trade and investment. Jermey said: “I am delighted to return to China, a key global trade and investment partner for the UK, and announce these two exciting initiatives to help British companies sell online here. Since 2010 UK exports of goods to China have increased by 115 per cent and stood at £12.4bn in 2013, while we are the seventh export destination for China. Given the UK receives more Chinese investment than any major EU state, our relationship really is going from strength to strength.”