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The deal signed on Thursday by the UK International Trade Secretary Liam Fox is estimated to be worth £240m over five years to the UK. The UK exported over £96m of dairy products to China in 2017.
This deal means that producers will have increased flexibility on sourcing the dairy they use for their products.
The announcement follows the Chancellor’s visit to China where he announced a lifting of a two-decade long ban on beef. The deal was expected to be worth £250m.
Benefits
“This is my fourth visit to China this year and I’m delighted to see the completion of this deal, bringing significant benefits to dairy producers across the UK at a time when British food and drink exports are at a record high,” Fox said.
“China is the UK’s fifth largest trading partner, with exports growing by 28.5% in 2017 when compared with the previous year.”
The UK dairy industry exports £1.7bn worth of produce per year. Fox is attending a meeting of the UK-China Joint Economic and Trade Commission (JETCO) in Beijing while he is in the country, as well as meeting companies and senior Chinese government ministers to discuss trading opportunities between the two countries.
SHARING OPTIONS: