Asked by: Lord Kempsell (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking in relation to any current UK–US trade negotiations, and what plans they have for any future negotiations.
Answered by Baroness Gustafsson - Minister of State (Department for Business and Trade)
The UK-US relationship is already very strong, with trade of around £300 billion, and shared investment of over £1.2 trillion at the end of 2023. The Prime Minister and President Trump met on 27 February and agreed to deepen this relationship and to work together on a trade deal focused on tech. The Secretary of State for Business and Trade has also been engaging with the US Administration including Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, to make the case for stronger UK-US trade that benefits both our countries.
Asked by: Lord Kempsell (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether they will detail the bilateral and multilateral trade deals and arrangements they have signed or acceded to since coming into office.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
Since the General Election in July 2024, the UK has acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and has signed a landmark Partnership and Cooperation Agreement (PCA) with Iraq – a treaty on trade and strategic cooperation. We have also signed non-legally binding arrangements with partners, such as an Enhanced Trade Partnership (ETP) with Thailand, a Memorandum of Understanding (MoU) with U.S. state of Colorado, and endorsed a joint workplan to further bilateral cooperation with Malaysia at the inaugural Joint Economic and Trade Committee (JETCO).
Asked by: Lord Kempsell (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what progress they are making regarding a free trade agreement with India.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
Boosting trade abroad is essential to deliver a strong economy at home. That is why we are committed to delivering a Free Trade Agreement with India, which is projected to be the world’s third largest economy by2028.
The Business and Trade Secretary is reviewing progress in our talks with India, and when ready we intend to restart negotiations towards a deal in the best interests of the British people and the economy, supporting jobs and communities across the UK.
Asked by: Lord Kempsell (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to pursue a free trade agreement with the United States; and when they estimate they will achieve such an agreement.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The U.S. is our largest single country trade partner, with trade totalling over £300bn in 2023. Supporting UK-U.S. trade and investment is a vital part of our mission to deliver economic growth. There are huge opportunities to build on this relationship, and ensure that we are working together to address the challenges of the modern economy.
Asked by: Lord Kempsell (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what trading relationship they have with the State of Alabama, United States; and what key areas for growth they have identified as part of that relationship.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The United States is the UK’s largest single country trading partner, and we are exploring multiple avenues to strengthen trade ties across the country.
Alabama imported £411 million of goods from the UK, and exported £312 million of goods to the UK, in 2023. Alabama’s single largest category of goods imports from the UK in 2023 was aircraft, spacecraft, and parts thereof, valuing £130.5 million.
We therefore welcome the participation of a delegation from Alabama in the recent Farnborough International Airshow, encouraging the growth of commercial ties between the UK and Alabama in the aerospace sector.