Brexit: World Trade Organization
Debate between Baroness Ludford and Baroness Sugg
Baroness Sugg
I am afraid I do not agree with the noble Lord about our relationship with the US. The US is a very important partner for us—already our largest trading partner, with a fifth of our exports outside the EU. Of course, it is not just about trade. The US is the largest single investor into the UK. We remain positive about our trade and investment relationship with the US. Both the Prime Minister and the President have repeatedly made clear our shared commitment to bilateral trade discussions, including a future trade deal.
Baroness Ludford (LD)
My Lords, surely the reaction of the US and other agricultural exporting countries did not come as a surprise to the Government—it was entirely predictable that they would use the potential leverage of Brexit. Have the Government prepared British farmers for a possible flood of competing imports and the halving of their incomes, as a report yesterday from the Agriculture and Horticulture Development Board warned?
Baroness Sugg
My Lords, we have obviously been speaking regularly with our WTO partners and the EU Commission about preparations for these negotiations. Today, the EU Commission in the UK sent a letter to all WTO partners, setting out our initial position, which has been published today on GOV.UK. Detailed discussions will follow in the coming weeks and months but we remain confident that we will be able to replicate as far as possible the UK’s current trading regime.