Asked by: Lord Patten (Conservative - Life peer)
Question to the Department for International Trade:
To ask Her Majesty’s Government what assessment they have made of the future relationship between the UK and the World Trade Organisation following the UK's withdrawal from the EU.
Answered by Lord Price
The UK is a founding Member of the World Trade Organisation in its own right. We will update the terms of our membership as necessary and will work closely with other members to minimise disruption to our trading relationships.
Asked by: Lord Patten (Conservative - Life peer)
Question to the Department for International Trade:
To ask Her Majesty’s Government what assessment they have made of the opportunities for inward investment to the Ukraine by UK companies.
Answered by Lord Price
There are a number of areas of potential interest for UK investors in Ukraine, including Agriculture, Energy and Infrastructure.
Ukraine has recently been moving up the World Bank Doing Business survey (now 83, up 5 places from 2015) but it continues to lag on the Corruption perception index (142 out of 175 countries ranked).
Ukraine’s Government is keen to attract foreign investors and is taking steps towards improving the business climate and the UK Government is providing assistance e.g. with the recent establishment of an Anti-corruption Bureau and Business Ombudsman which has been positively received by business leaders. But more still needs to be done.
Asked by: Lord Patten (Conservative - Life peer)
Question to the Department for International Trade:
To ask Her Majesty’s Government what is their assessment of the implications for inward investment in Turkey by UK companies and financial institutions of the attempted coup of 15 July.
Answered by Lord Price
The attempted coup of 15 July came as a surprise to everyone including UK investors in Turkey. The democratically elected government remains in power. Its policies, relating to international investors, remain the same or have been improved, with the aim of encouraging more foreign direct investment. UK investors were quick to confirm their intention to maintain or enhance their investments. We have consulted widely with the UK investor community, their message is clear; they are in Turkey for the long term and do not believe the events of 15 July have altered the economic fundamentals or the business case for continuing to invest in the market.