Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Lord Grantchester Excerpts

Thursday 20th July 2023 Lords Chamber

[Lord Offord of Garvel (Con)]

I thank my noble friend and will take his last point first. Yes, we have just joined the club and the first thing you do when you join a club is not necessarily to comment on its existing or incoming members. We will get to that in due course, I am sure, but when we are fully ratified we will absolutely have a fair voice at the table on the membership. I thank him for raising digital and services because in my new job I am looking carefully at where and how our trade is conducted. There is an obsession with manufactured goods to the EU, but the fastest-growing part of our economy is digital services to non-EU countries. Our economy is moving rapidly to be two-thirds services versus one-third goods. Having a deal in this region, which has a very young and well-educated middle class, all fully digital, will provide a great opportunity to access this market, particularly for our SMEs.

[Lord Grantchester (Lab)]

My Lords, on the point of membership of this partnership, has the Minister considered the effect of trade with Taiwan in relation to this and relationships with China? What is the percentage of trade currently undertaken with Taiwan, and will the Government protect the future of that trade?

[Lord Offord of Garvel (Con)]

Taiwan is an important trading partner of the United Kingdom. Taiwan has expressed some interest in the CPTPP but, again, it is not currently in the queue. As I said before, we will take our membership; we will then have a fair voice at the table and consider those matters when they arise.