Trade with the European Union

Debate between Lord Bilimoria and Lord Grimstone of Boscobel

Monday 21st March 2022 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

My Lords, to mark the two-year anniversary of delivering Brexit, the Government have set out new plans to maximise the benefits of Brexit. I mention my right honourable friend the Minister for Brexit Opportunities; I think the House will recognise that this is a subject extremely close to his heart. A Brexit freedoms Bill will be brought forward to end the special status of retained EU law and ensure that it can be more easily amended or removed. This is very much to be welcomed.

[Lord Bilimoria (CB)]

My Lords, the Department for International Trade did a fantastic job in rolling over the 66 bilateral trade agreements the EU had with other countries. It is now starting to make them bespoke to our country. Does the Minister agree that, with the TCA with the EU, we have the opportunity to build on the agreement we have now? There is a “but”: when does the Minister think we will resolve the issues with the Northern Ireland protocol? The sooner we do, the sooner we can build on the TCA.

[Lord Grimstone of Boscobel (Con)]

My Lords, first, I thank the noble Lord for referring to the hard work being done by officials in the department. As to Northern Ireland, the Government’s absolute priority is to protect stability and the peace process. We believe that there is a deal to be done with the EU that protects the sovereignty of the UK and the integrity of the EU single market. This would deliver the stability that business and communities in Northern Ireland need. I know this is a subject very close to my right honourable friend the Foreign Secretary’s heart.

Regional Comprehensive Economic Partnership

Debate between Lord Bilimoria and Lord Grimstone of Boscobel

Tuesday 15th December 2020 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

My Lords, I have learnt that it is not easy to give answers that are completely up to date in relation to the EU negotiations. Noble Lords realise that these negotiations are proceeding, and a Statement will no doubt be made as to their conclusion in due course.

[Lord Bilimoria (CB) [V]]

My Lords, UK trade with CPTPP members is £110 billion—more than our trade with China. Does the Minister agree that UK accession to the CPTPP would be a clear display of intent that the UK would continue to back the international rules-based trading order after leaving the EU? Does he also agree that it would display that it intends to remain an open economy—and, therefore, securing an EU deal is all the more important to press on to seize these opportunities? Will he confirm that, with India not being a member of either the CPTPP or RCEP, the Government will make the most of the Prime Minister’s forthcoming visit to India to fast-track an FTA with India?

[Lord Grimstone of Boscobel (Con)]

My Lords, I completely agree with the noble Lord’s comments in relation to India and am very pleased to be able to say that the UK and India have agreed to pursue an enhanced trade partnership, which is, of course, the first step to a wider road map to deepen trade ties. This is an ambitious approach, and I look forward to it moving to a conclusion in due course.

Canada-UK Trade Deal

Debate between Lord Bilimoria and Lord Grimstone of Boscobel

Tuesday 17th November 2020 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

I thank the noble Baroness for her comments on the Japan agreement, but I am pleased to be able to assure her that the Department of Trade has the capacity and bandwidth to do a number of these agreements simultaneously.

[Lord Bilimoria (CB) [V]]

Securing continuity of the CETA deal before 1 January is absolutely crucial; in fact, UK exports to Canada increased by 14% in the first year of implementation. Will the Minister agree that, assuming we secure this and roll it over, we can then have a brand new, bespoke, super-duper new trade deal to strengthen both economies, in their best interests and best of class, including issues such as climate change? Would he also agree that we can see the CPTPP as a future opportunity for the UK’s trading future and to broaden investment ties between the UK and Canada?

[Lord Grimstone of Boscobel (Con)]

The noble Lord is completely right. The focus of our present discussions with Canada has been on continuity of trade and I am very confident that an agreement will be continued. The next priority will be to use that as a launchpad from which we can then deepen and strengthen our very important relationship with Canada in the future.

Japan Free Trade Agreement

Debate between Lord Bilimoria and Lord Grimstone of Boscobel

Thursday 17th September 2020 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

I thank my noble friend for her generous comments. I know that she is a great expert on Japan so it is particularly welcome that those comments came from her. She is of course right that we see this agreement as a gateway to the trans-Pacific partnership. Some 90% of global growth comes from beyond the EU, so both Japan and the wider Pacific region are vital for Britain’s future economy. We have no doubt that the finalisation of this Japan agreement will greatly help in that process, not least because Japan will hold the chair of the trans-Pacific partnership countries next year.

[Lord Bilimoria (CB) [V]]

My Lords, the signing of the UK-Japan trade deal is a breakthrough moment and is welcomed by business across the country. May I build on what the noble Baroness, Lady Bottomley, just said? How will the Government use this trade deal as a launch pad to secure accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership? Given that this deal supposedly has benefits beyond the EU-Japan trade deal, could the Minister tell us how the Government will ensure that British companies, who may not have utilised EU FTAs as well as they could have, capitalise on this deal and ensure that the £15 billion of additional trade is realised?

[Lord Grimstone of Boscobel (Con)]

I thank the noble Lord for his comments. To answer the second part of his question, there is an obligation on the Department for International Trade to ensure that the benefits of these agreements—in due course, when they are signed and ratified—are well known throughout the UK. For example, the Japan agreement has huge benefits to our SMEs, which are the backbone of our economy. To put it in the nicest way, what would be the point of negotiating these agreements if we did not bring these benefits home to businesses throughout the United Kingdom? A lot is going on with the trans-Pacific partnership accession. Since July 2018, we have engaged with all 11 member countries and recently had a meeting between the Secretary of State and her counterpart in Mexico, attended by all heads of missions of the CPTPP. The tone of the meeting was warm. We are very much encouraged by the members of the CPTPP to pursue our contact with them, and I have no doubt that that contact will in due course lead to an accession request being made to the trans-Pacific partnership.