China, UK Sign Trade Deals Worth More Than $23 Billion
China and the UK signed trade deals worth more than $23 billion during Chinese Premier Li Keqiang’s first official visit to Britain, reports said Wednesday.
Li's three-day visit to the UK, which began Monday, denotes a softening of relations between the two countries, which had taken a turn for the worse after British Prime Minister David Cameron met the Tibetan monk Dalai Lama last year. However, the two countries began mending ties during Cameron's visit in December, when China agreed to invest more than $10 billion in the British economy. According to previous estimates, China and the UK were reportedly expected to sign deals worth more than $30 billion during Li's visit.
"China is ready to work with the UK to foster a partnership for growth and inclusive development to ensure that this relationship will grow faster and in a healthier way," Li said, according to ABC.
Among the noteworthy deals are London-based oil company BP's decision to sign a $20 billion, 20-year supply-chain agreement with state-owned China National Offshore Oil Corporation, or CNOOC, China's largest offshore oil & gas producer, to supply liquefied natural gas.