China: Market Economy Status

Baroness Hayter of Kentish Town Excerpts

Monday 9th May 2016 Lords Chamber

[Lord Price]

My noble friend is right that it would be good to see the United Kingdom exporting more services to China. The good news is that we have now moved to number four with China in our goods exports, and China is currently the seventh-largest market for our goods and services exports. However, we believe that as the Chinese economy develops into more of a service economy, we will indeed be able to do more.

[Baroness Hayter of Kentish Town (Lab)]

My Lords, first, I welcome the noble Lord to his new position, and on behalf of everyone, I think, I congratulate the new Mayor of London—London will play such an important role. Will the Minister welcome today’s relaunch of the “Stronger in” campaign? We look forward to working to make sure that we stay in the Union, for this and other agreements.

[Lord Price]

The noble Baroness supports my own position: that the UK is stronger inside the EU. We have more trade agreements between the UK and the rest of the world than the United States and Canada together. We believe in free trade and, in our current position, we are best placed to access the world through free trade through the agreements that we have with the EU.