A mooted start to free trade talks between the European Union and China is adding fuel to the fiery debate around the UK's membership of the single market ahead of a proposed in/out referendum in 2017.
Officials in Brussels and Beijing are on the verge to agreeing talks over tearing down some of the trade barriers between the two economic giants and creating a better investment climate in the Asian powerhouse for European firms, reported Reuters.
They hope to unleash billions more euros of investment between both trading partners. China-EU trade is worth over €1bn ($1.3bn, £837m) a day, but certain tariffs and blocks, such as a cap on Chinese solar panel imports to Europe following a dispute, put a limit on the value.
As the UK heads towards a referendum on its EU membership, proponents of staying in argue that being part of the single market means it benefits from the vast 28-state economy that can wield power in lucrative trade deals.
If the UK were to leave and go it alone, they argue, it would be less influential and struggle to make the same deals as the EU bloc is able to.
"Over the last 20 years, a large part of the EU single market's success has been its ability to break down cross-border regulation barriers in Europe," said Katja Hall, chief policy director of the Confederation of British Industry (CBI), Britain's biggest business lobbyist.
"We must now use the EU as a launch pad to break down those remaining barriers to trade with countries such as China, the US and beyond."
Read more: EU-China Trade Talks Spark Fiery UK Referendum Debate - IBTimes UK
Officials in Brussels and Beijing are on the verge to agreeing talks over tearing down some of the trade barriers between the two economic giants and creating a better investment climate in the Asian powerhouse for European firms, reported Reuters.
They hope to unleash billions more euros of investment between both trading partners. China-EU trade is worth over €1bn ($1.3bn, £837m) a day, but certain tariffs and blocks, such as a cap on Chinese solar panel imports to Europe following a dispute, put a limit on the value.
As the UK heads towards a referendum on its EU membership, proponents of staying in argue that being part of the single market means it benefits from the vast 28-state economy that can wield power in lucrative trade deals.
If the UK were to leave and go it alone, they argue, it would be less influential and struggle to make the same deals as the EU bloc is able to.
"Over the last 20 years, a large part of the EU single market's success has been its ability to break down cross-border regulation barriers in Europe," said Katja Hall, chief policy director of the Confederation of British Industry (CBI), Britain's biggest business lobbyist.
"We must now use the EU as a launch pad to break down those remaining barriers to trade with countries such as China, the US and beyond."
Read more: EU-China Trade Talks Spark Fiery UK Referendum Debate - IBTimes UK
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