(6 years, 4 months ago)
Lords ChamberTo ask Her Majesty’s Government whether they have prepared an analysis of the benefit to the United Kingdom of participation in worldwide free trade; and if so, whether they will publish that analysis.
As part of its preparations for future trade negotiations, the Department for International Trade is conducting analysis of potential agreements with other countries. The DIT has provided a qualitative summary of existing literature on the impact of signing FTAs in the impact assessment accompanying the Trade Bill.
My Lords, whatever happened to the European Union? In these troubled times, it has almost completely disappeared. Could it be that, when there is a real crisis, the nation state—when it supports democracy, individual rights and, indeed, free trade—counts for everything?
Clearly, in the Department for International Trade we are great believers in the benefits of free trade. We believe that free trade must be fair and conducted within a rules-based environment. When we look to exiting the EU, we are looking for a strong ongoing trading partnership with it, and we are looking for a strong ongoing trading partnership with the Commonwealth and other nations. That is why it is particularly important this week, with the Commonwealth Heads of Government Meeting, that we concentrate on a number of areas, one of which is free trade and the trading relationships we have.