The 海角视频'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 海角视频 imports of beef in 1996.
The 海角视频-China Beef Protocol was signed by 海角视频 Farming Minister Robert Goodwill and the Chinese Ambassador to the 海角视频 Liu Xiaoming as part of the 10th Economic and Financial Dialogue (EFD) between the 海角视频 and China.
It is the culmination of several years of site inspections and engagement between 海角视频 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 Welsh beef producers.
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 Welsh beef producers 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 Welsh beef in dynamic markets worldwide.
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“As we leave the European Union, the 海角视频 Government is determined to open access to new markets, ensuring that Welsh businesses can continue to grow and thrive.”
海角视频 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 海角视频’s eighth largest export market for food and drink, with more than £610m worth of products bought by Chinese consumers last year.
The 海角视频’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.