Regional Comprehensive Economic Partnership

Lord Howell of Guildford Excerpts

Tuesday 15th December 2020 Lords Chamber

Asked by

[Lord Howell of Guildford]

To ask Her Majesty’s Government what assessment they have made of the Regional Comprehensive Economic Partnership free trade agreement.

[The Minister of State, Department for Business, Energy and Industrial Strategy and Department for International Trade (Lord Grimstone of Boscobel) (Con)]

My Lords, as a supporter of free trade the UK takes a close interest in RCEP, which should help standardise rules and facilitate trade between partners in the region. The Government are committed to enhancing our trade with RCEP members, having concluded the CEPA with Japan and negotiated with Australia and New Zealand, along with our intention to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership—plus, of course, our bilateral trade engagement with partner countries.

[Lord Howell of Guildford (Con) [V]]

My Lords, I thank the Minister for that reply and congratulate him on the work that he and his colleagues have done in this whole area. But this new regional comprehensive liberalisation partnership, although it is much shallower than other market liberalisation such as the EU single market, for instance, is actually much bigger than any other. It covers 2.3 billion people and a third of the world’s trade; and it is in the region where most of the world’s growth will be over the next 10 years. Does my noble friend agree that we need to engage very closely indeed with this development? Now that we are aiming to join the revised Trans-Pacific Partnership, and are involved in the Japan agreement that he mentioned, does he agree that this should all be seen as part of what his right honourable friend Elizabeth Truss, the International Trade Secretary, calls the “Pacific mindset” in our overseas commercial strategy? That is thoroughly welcome and to my mind, as some would say, overdue.

[Lord Grimstone of Boscobel (Con)]

I agree with my noble friend that RCEP is a very interesting trade agreement, and it is a notable achievement that it has been concluded. However, we feel that the Trans-Pacific Partnership is a significantly deeper agreement that will set standards globally in a large number of areas; that is our priority.