Multilateral Free Trade
Debate between Lord Lamont of Lerwick and Lord Leong
Lord Lamont of Lerwick
To ask His Majesty’s Government what initiatives they plan to take internationally to support multilateral free trade and to draw attention to the risks posed to the world economy by tariffs and protectionism.
Lord in Waiting/Government Whip (Lord Leong) (Lab)
My Lords, first, I wish a very happy new year to all noble Lords, clerks and doorkeepers. The UK is committed to multilateralism and a rules-based trading system with the WTO at its core. The system provides stability and predictability for global growth and prosperity. We are working with international partners to strengthen the multilateral trading system and to reform the WTO so that it remains relevant in the evolving global scenario.
Lord Lamont of Lerwick (Con)
My Lords, I thank the Minister for both his good wishes and his reply. Does he agree that protectionism and tariffs are very great threats to growth both here and internationally, as we learned in the 1930s? If President Trump proceeds with his dangerous idea of imposing more tariffs, I urge the Government not to join the EU in any tit-for-tat retaliation but to maintain an open trading system. Above all, I urge them not to align with the EU on future industries such as AI when Europe so badly lags behind the United States in those areas, and will only incur the wrath of President Trump.
Lord Leong (Lab)
My Lords, the noble Lord makes a very important point. We are concerned about any potential threat of a shift towards protectionism and tariffs. The Government will continue to make a very strong case for free trade. After all, we are an open trading economy, and we benefit from that in our trading relationships with other countries. On the point about President Trump, let us not get ahead of ourselves; we will just have to wait and see when he gets into government.