Oral Answers to Questions

Debate between Desmond Swayne and Liam Fox

Thursday 23rd March 2017 Commons Chamber

[Dr Fox]

When we get to the point at which we begin to have those discussions, we will want to take into account a balance between UK producer interests and UK consumer interests, and we will also wish to ensure that we are making a contribution to a global liberal trading environment that benefits everybody.

[Sir Desmond Swayne (New Forest West) (Con)]

This agreement is potentially of greatest advantage to the least developed countries, in which we have put very considerable investment. Will the Secretary of State continue to drive forward that agenda?

[Dr Fox]

Yes, and we have actually invested a large amount of money in supporting the agreement itself and in ensuring that it can be introduced in as beneficial a way in as many countries and as quickly as possible, because, as my right hon. Friend correctly says, this agreement will have the greatest benefit to some of the poorest countries in the world, which is why the United Kingdom, under Governments of both parties, has been so supportive of it.

Oral Answers to Questions

Debate between Desmond Swayne and Liam Fox

Thursday 15th December 2016 Commons Chamber

[Sir Desmond Swayne (New Forest West) (Con)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for International Trade and President of the Board of Trade (Dr Liam Fox)]

The Department for International Trade has three tasks: promoting UK exports to support a growing economy that serves the whole country; maximising opportunities for wealth creation through overseas direct investment to support the current account; and negotiating the best international trading framework for the UK outside the EU. Like the UK, my Department is open for business.

[Sir Desmond Swayne]

Will my right hon. Friend shed some light on the difference between our trade deficit with the EU and our trade deficit with the USA?

[Dr Fox]

I am pleased to say that we do not have a trade deficit with the US; we have a trade surplus with the US. In fact, we send £100 billion of exports to the US a year, which is 20% of our total, with a £40 billion surplus. The US is responsible for 26% of all our inward investment, and we are responsible for 23% of outward investment to the US. It is a very, very interdependent relationship.