Protocol on Ireland/Northern Ireland: Effect of Renegotiation on Other Trade Negotiations

Debate between Lord Frost and Viscount Trenchard

Thursday 21st October 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, I like to think that I engage in a constant process of self-reflection. I am reassured that it usually reaches the same result, which is that when I look at the way that this Government have acted on the international stage since Brexit was established, the role that we have played in the world, the establishment of AUKUS and our position on issues to do with China and many other issues, I think we stand as a constructive and fully responsible international player.

[Viscount Trenchard (Con)]

My Lords, does my noble friend agree that it is internationally recognised that the UK is rightly standing by its obligations to protect the Belfast/Good Friday agreement and that the EU has also recognised this, as evidenced by its agreement to negotiate changes to the protocol? Does he not also agree that the UK can now act as a leading advocate at the WTO of free and fair principles-based international trade, leading to greater prosperity for many millions around the world?

[Lord Frost (Con)]

My noble friend makes an extremely good point: that after Brexit, as an independent global trade player, we are one of the biggest in the world. We are very influential and hope to become more so in the WTO, and to be able to stand up and speak for trade liberalisation across the world, which is of huge benefit to us all.

Trade Agreements

Debate between Lord Frost and Viscount Trenchard

Thursday 15th July 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, we are obviously very pleased that the EU granted us data adequacy last month. We think that that was the right thing to do and a correct reflection of the situation. The EU grants data adequacy to other countries around the world as well which do not operate identical or close analogues to the EU’s legislation. That does not prevent the grant of adequacy. We think that it is entirely consistent with security of data to look at our own ways of doing these things and that is exactly what we are reflecting on.

[Viscount Trenchard (Con)]

My Lords, can my noble friend confirm that the UK does not intend to align its regulations with the EU’s in order to help the situation in Northern Ireland? Does he agree that there are other ways of reducing the administrative controls between Great Britain and Northern Ireland, such as a veterinary agreement based on mutual recognition of underlying product regulations, as the EU has agreed with New Zealand?

[Lord Frost (Con)]

My Lords, I have said it before and I will say it again: we will not align dynamically with the rules of the EU on agri-food or in other areas. That was the approach that we took into the negotiations last year and that is the consistent approach now. My noble friend is absolutely right that there are other ways of doing this and he is absolutely correct to point to an equivalence-based veterinary agreement as the way forward. That is exactly what we have proposed to the European Union and I am very hopeful that we can discuss that at the Specialised Committee created by the withdrawal agreement when it meets on Monday.

UK-EU Trade

Debate between Lord Frost and Viscount Trenchard

Thursday 18th March 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, there are several potential factors affecting trade with the European Union, as well as any direct impact coming from the TCA. There is clear evidence of stockpiling at the end of last year, which will of course affect the flow of trade, and obviously there is the general economic impact of the coronavirus pandemic, which has depressed economic activity in many ways. That is why we must be cautious before drawing any firm conclusions from the January figures.

[Viscount Trenchard (Con)]

My Lords, the TCA gives us the freedom and the opportunity to develop our own regulatory regime for the City, to maintain and enhance its position as the leading global financial centre. Does the Minister agree that we should be bold and swift in making necessary changes to our EU legacy regulatory framework, while taking a proactive leadership role in international fora such as IOSCO in developing proportionate principles-based rules at the global level? Does he also agree that it will manifestly not be the EU’s interests to continue to try to prevent European companies raising capital and accessing services provided in the UK’s financial markets?

[Lord Frost (Con)]

My Lords, I very much agree with the thrust of my noble friend’s question. I endorse his view that we should use our freedom to develop our financial services industry, and the framework that regulates it, over time in a way that suits us, and build the City’s huge advantages as a global financial centre.