Transatlantic Trade and Investment Partnership

Baroness Laing of Elderslie Excerpts

Thursday 15th January 2015 Commons Chamber

[Several hon. Members]

rose—

[Madam Deputy Speaker (Mrs Eleanor Laing)]

Order. I am afraid that I must reduce the time limit for Back-Bench speeches to five minutes,

--- Later in debate ---

[Mark Reckless (Rochester and Strood) (UKIP)]

Is—[Interruption.] Is TTIP really about setting markets free, or is it about having a single regulatory system across the Atlantic whereby people will be forbidden from selling things unless they comply with those regulations?

[Madam Deputy Speaker (Mrs Eleanor Laing)]

Order. Before the Minister replies, if the hon. Gentleman has not been in the Chamber for the debate, and I judge by the mood of the House that that might well be the case, he should think carefully before intervening on the Minister and taking up time.

[Matthew Hancock]

TTIP is about fair and free trade and since 1970 the percentage of people worldwide who live on less than $1 a day has fallen by 80% when adjusted for inflation, not because of public works or central planning but because of the dawn of market liberalism in countries that once embraced state control. That point was made by Members on both sides of the House. Indeed, the hon. Member for Swansea West (Geraint Davies), whom I congratulate on obtaining the debate, set out how TTIP can demonstrate trade liberalisation and, alongside the trans-Pacific trade partnership, or TPP, which is proposed between the US and countries around the Pacific, and the EU-Canada deal, can form the basis of a global free trade area with global standards to which others could aspire. I very much agree with him on that point.