Worldwide Free Trade

Debate between Baroness Fairhead and Lord Spicer

Monday 16th April 2018 Lords Chamber

[Lord Spicer]

To ask Her Majesty’s Government whether they have prepared an analysis of the benefit to the United Kingdom of participation in worldwide free trade; and if so, whether they will publish that analysis.

[The Minister of State, Department for International Trade (Baroness Fairhead) (Con)]

As part of its preparations for future trade negotiations, the Department for International Trade is conducting analysis of potential agreements with other countries. The DIT has provided a qualitative summary of existing literature on the impact of signing FTAs in the impact assessment accompanying the Trade Bill.

[Lord Spicer (Con)]

My Lords, whatever happened to the European Union? In these troubled times, it has almost completely disappeared. Could it be that, when there is a real crisis, the nation state—when it supports democracy, individual rights and, indeed, free trade—counts for everything?

[Baroness Fairhead]

Clearly, in the Department for International Trade we are great believers in the benefits of free trade. We believe that free trade must be fair and conducted within a rules-based environment. When we look to exiting the EU, we are looking for a strong ongoing trading partnership with it, and we are looking for a strong ongoing trading partnership with the Commonwealth and other nations. That is why it is particularly important this week, with the Commonwealth Heads of Government Meeting, that we concentrate on a number of areas, one of which is free trade and the trading relationships we have.