Britain’s open to foreign investment, trade minister Fox tells China

Liam Fox, U.K. international trade secretary, speaks at the American Enterprise Institute in Washington, D.C., U.S., on Monday, July 24, 2017.

Eric Thayer | Bloomberg | Getty Images

Liam Fox, U.K. international trade secretary, speaks at the American Enterprise Institute in Washington, D.C., U.S., on Monday, July 24, 2017.

British trade minister Liam Fox said on Wednesday which London would certainly continue to welcome foreign investment, after a U.S. panel rejected a Chinese acquisition of a U.S. money transfer company on national security concerns.

Fox was on a visit to China, the latest installment in long-running economic talks between China in addition to Britain, which has taken on brand-new importance for Britain as which looks to re-invent itself as a global trading nation after leaving the European Union in 2019.

The U.S. rejection of China’s Ant Financial’s acquisition of MoneyGram International Inc will be the most high-profile Chinese deal to be torpedoed under the administration of U.S. President Donald Trump.

Asked whether Britain would certainly serve as an alternative destination for such Chinese investment, Fox told Reuters in an interview which he hoped the investment relationship would certainly “work in two directions”, although which Britain would certainly remain open.

“Of course, we would certainly look, as additional countries would certainly do, at our security issues in terms of investment. although the UK has traditionally been an open country, welcoming of foreign direct investment. in addition to we’ll continue to do which,” Fox said.

He did not comment specifically on the U.S. panel decision.

China will be one of the countries with which Britain hopes to sign a free trade pact once which leaves the EU, in addition to London in addition to Beijing have been keen to show which Britain’s withdrawal through the bloc will not affect ties.

Fox said which the issue of China’s service sector openness was a “big issue” for Britain, although which there were more options than a post-Brexit free trade agreement (FTA) to get Beijing to open, including specific service sector agreements in addition to mutual recognition deals.

“There are a whole range of tools from the box. in addition to people tend to talk as though an FTA will be the only tool we have available in terms of trade liberalization. which’s not,” he said.

The focus on a “Golden Era” of relations, trumpeted by China in addition to Britain in 2015 when then-prime minister David Cameron hosted a state visit by Chinese President Xi Jinping, has cooled under Cameron’s successor, Theresa May.

In 2016, May caused a diplomatic spat by unexpectedly deciding to delay approval of a partly-Chinese funded nuclear power project. She later granted which, although not before drawing criticism through Beijing.

May will be supposed to visit China later which month accompanied by a business delegation, diplomatic in addition to business sources have told Reuters, though the trip has not been formally confirmed.

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