Brexit: Trade

Debate between Lord Deben and Baroness Mobarik

Tuesday 1st November 2016 Lords Chamber

[Lord Deben (Con)]

What estimate has my noble friend made of the value of the additional trade that would be available to the United Kingdom through a free trade agreement or agreement under very special arrangements with Australia that is not now available to us as a member of the world’s largest trading community, the European Union?

[Baroness Mobarik]

I do not have figures for what might happen. All I can say is that we currently have about £10 billion worth of trade in goods and services with Australia. We are in the fortunate position of having the same legal system, the same language and the same culture, which are all positive factors in negotiating a free trade agreement further to enhance what we already have.