The Ƶ's beef sector has been given a significant boost with China agreeing to open up its huge market from late this year.
The move could be worth an estimated £230m for British producers in the first five years alone, and comes more than 20 years after the Chinese government imposed a ban on Ƶ imports ofbeefin 1996.
The Ƶ-ChinaBeefProtocol was signed by Ƶ Farming Minister Robert Goodwill and the Chinese Ambassador to the Ƶ Liu Xiaoming as part of the 10th Economic and Financial Dialogue (EFD) between the Ƶ and China.
It is the culmination of several years of site inspections and engagement between Ƶ and Chinese government officials.
Ahead of the Chinese delegation’s visit to Cardiff, Welsh Secretary Alun Cairns met Chinese Ambassador Liu Xiaming and Chinese Vice-Premier Hu Chunhua to discuss the importance of China’s decision to grant market access to Welshbeefproducers.
The agreement is estimated to be worth around £25m per year for the Welsh red meat sector.
Mr Cairns said: “The opening of the Chinese market will open up exciting opportunities for Welshbeefproducers who, as a result of the agreement, will soon have access to one of the world’s largest economies.
“This agreement demonstrates the growing confidence in our high-quality food and drink in every corner of the world and highlights the growing demand for Welshbeefin dynamic markets worldwide.
“As we leave the European Union, the Ƶ Government is determined to open access to new markets, ensuring that Welsh businesses can continue to grow and thrive.”
Ƶ Farming Minister Robert Goodwill said: “This is a major coup for our world-class food and farming industry, and a landmark move which could be worth £230 million for British business in the next five years alone.
“Today’s milestone reflects our ambition to maximise new trading opportunities across the world and become a truly Global Britain as we leave the EU.”
China is currently the Ƶ’s eighth largest export market for food and drink, with more than £610m worth of products bought by Chinese consumers last year.
The Ƶ’s food exports continue to soar, with food and drink exports worth more than £22 billion last year and food and drink businesses now selling their products to 217 markets.
