China: Market Economy Status

Debate between Lord Price and Baroness Burt of Solihull

Monday 9th May 2016 Lords Chamber

[Lord Price]

The noble Lord is of course right. Being a member of the EU gives us the opportunity to take part in all kinds of discussions around the world on a whole range of topics.

[Baroness Burt of Solihull]

My Lords, I, too, welcome the Minister to his new position. There would be concern on all sides of the House if we allowed market economy status to China, until and unless the state stops interfering in market pricing. Does the Minister agree that we need the negotiating power of being part of the largest market in the world to get a better deal for Britain from China and other economies, too?

[Lord Price]

The noble Baroness is right that being part of the EU gives us considerable weight when it comes to negotiations. On the MES point, we can certainly do a number of things. We need to look at the legal position in Europe and we will have a part to play in that. We also need to make sure that any mitigations we put in place—we are currently considering four—will have the desired impact. Where tariffs have been imposed, led by this Government, they have been successful in reducing imports, particularly in steel, which I know is of great concern to the House. Where that has been done, we have reduced imports by 90% and that has had the desired effect.