union-jack__130327194249-200x123After agreeing in principle to support the conclusion of a co-production treaty last December, the UK and China have finally put pen to paper. British Culture Minister Ed Vaizey and Vice Minister Tong Gang of state authority SAPPRFT signed the pact in Beijing today. The treaty, which is subject to ratification, is being touted by Britain as welcome China-flag__130422145455news. It could ease access to the world’s second-largest box office market: Films will have to qualify for true co-production status, which eliminates the quota barrier on foreign movies. The exact qualifying criteria have yet to be laid out, but would be expected to include financial and cultural elements. Importantly, if a film is granted the co-production seal, it will be able to access “national benefits including sources of finance” the parties said today. That means the lucrative UK film tax relief system as well as the BFI Film Fund. BFI CEO Amanda Nevill called the treaty “hugely significant for UK film as it will open the door for our filmmakers to collaborate and contribute to each other’s success.” The BFI has been pushing hard to enhance its relationship with China. In January, it established the Electric Shadows initiative encompassing a year of business, trade, and creative and cultural collaborations between the countries.