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The Advertising Association (AA) and the Institute of Practitioners (IPA) have signed a memorandum of understanding on cooperation with the Shanghai International Advertising Festival (SHIAF) for 2019.

The AA and IPA hope this MOU will enhance the UK advertising industry’s presence at SHIAF 2019. The agreement also marks the next step in the AA’s Promote UK industry group, in partnership with the Department for International Trade (DIT), to support the UK as the global hub for advertising.

Both parties will also hold a UK forum at SHIAF 2019 and the AA and IPA will partner with SHIAF to bring more of the UK’s advertising expertise to China in the future, including British judges, entries and speakers at the festival. The agreement will also see more agencies and production companies cooperating with a growing number of their Chinese agency peers and brands.

“It is hugely exciting to have signed this agreement on cooperation on behalf of the UK advertising industry with SHIAF. The Chinese economy has grown impressively over recent decades and business links between China and the UK have strengthened enormously, with partnerships developing across all areas of the economy,” said Stephen Woodford, chief executive of the AA.

“China has a growing middle class and will soon become the world’s biggest consumer market, while the UK is the world’s leading hub for advertising services, helping international businesses build successful brands. Agreements such as that signed today enable cross-border collaboration, as well as assisting both Chinese firms to grow their operations overseas and for UK firms to tap into the enormous business opportunities that China represents.”

British advertising services are worth £5.8 billion and have shown an increase of 35%. The UK’s balance of payments surplus for advertising was the biggest in Europe at £2.9bn.