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After pledging $2 billion to alleviate security fears in the UK, Huawei has now stated that it would accept full supervision from the European Union (EU) should it be allowed to continue pushing its 5G network.

"Enhancing our software engineering capabilities is like replacing components on a high-speed train in motion", the letter stated.

The group, created in 2010 to monitor potential security threats posed by the Chinese firm, includes representatives from Huawei, UK mobile operators and government officials.

Chinese IT firm Huawei has told the United Kingdom government that it "has never and will never" allow its technology to be used for spying.

Late a year ago Huawei's chief financial officer Meng Wanzhou was detained in Canada and faces allegations of a cover up against sanctions on Iran.

Huawei has previously set up a cloud data centre worth $22.5 million in Thailand's EEC, a centrepiece of the government's policy to boost growth in the country that has struggled to attract foreign investors besides the Chinese.

It states that Chinese organisations are obliged to "support, cooperate with, and collaborate in, national intelligence work".

Huawei has warned that it could take up to five years to address Britain's concerns about its equipment. "Were Huawei ever to engage in malicious behavior, it would not go unnoticed - and it would certainly destroy our business".

No EU-wide law has been introduced on the matter to date, and any restrictions on 5G contracts for national security reasons remain a decision for individual nations. Australia, New Zealand and Japan have all banned Huawei as a wireless network provider over similar security concerns.

Many intelligence agencies suspect Huawei's equipment could be used as an espionage conduit for Chinese spies-though there's no clear evidence that this has happened, and Huawei denies the possibility.

The warnings seem to have gained some ground in Europe, where it was noted that the Chinese National Intelligence Law of 2017 requiring all firms and individuals at home and overseas to cooperate with the state intelligence agencies.

Its chief financial officer Meng Wanzhou was arrested in Canada in December at Washington's request.

U.S. charges of stealing technology and violating sanctions on Iran have since been issued against the company, sparking new tensions in relations between the United States and China.