Asian Infrastructure Investment Bank (Immunities and Privileges) Order 2015

Debate between Baroness McIntosh of Hudnall and Lord Collins of Highbury

Tuesday 27th October 2015 Grand Committee

[Lord Collins of Highbury (Lab)]

My Lords, as the Minister highlighted, UK involvement and investment in this Chinese-led AIIB was first proposed in March. We then became the first major western country to apply to be a founding member—followed quickly, as he said, by Germany, France, Italy, Switzerland and Luxembourg. I also note what the noble Earl said about joining the AIIB being a further step in the Government’s plan to build a closer political and economic relationship with China and the Asia region. But as we heard in debates last week during the state visit, our involvement is not simply a neutral business matter. In that developing relationship, there are issues of human rights and other concerns that we do not wish to ignore, particularly given the debate we had on religious freedom.

As the order—and the news—has said, the UK will make a capital contribution of £2 billion to the AIIB. However, at the time we made our announcement in March, the White House, on behalf of the US Government, issued a statement.

[The Deputy Chairman of Committees (Baroness McIntosh of Hudnall) (Lab)]

My Lords, I hesitate to interrupt the noble Lord but there is a Division called. The Committee will adjourn for 10 minutes and resume not earlier than 5.40 pm. If the Divisions are held one after the other, the Committee will adjourn until both votes have been completed.