EU-UK Trade and Cooperation Agreement

Lord Loomba Excerpts

Friday 8th January 2021 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I welcome the certainty and stability that the EU-UK Trade and Cooperation Agreement brings to businesses and individuals alike. The Government have achieved a truly remarkable feat in agreeing a deal that maintains tariff and quota-free trade with the EU—a first for a third-country deal with the EU.

Throughout the delicate course of the negotiations we have had many descriptions of what a deal might look like, from an Australian one to a Canadian-style one, to the worst-case scenario of no deal and WTO trading terms. But what we have in the TCA is a truly remarkable and unique deal that befits our special relationship with our friends in the European Union. As we move forward as an independent sovereign nation, it also gives us an opportunity to trade with many other countries in the world. I believe that the UK and India are currently negotiating a trade and business agreement worth about £100 billion. That cannot be bad.