Trade Agreements

Baroness McIntosh of Pickering Excerpts

Thursday 14th February 2019 Lords Chamber

[Baroness Fairhead]

My Lords, I can only repeat the Statement from my right honourable friend the Secretary of State for International Trade. The update will be given shortly—as he said, in the coming week.

[Baroness McIntosh of Pickering (Con)]

My Lords, I am most grateful to have the opportunity to raise what was debated in the other place yesterday. The noble Lord, Lord Stevenson, asked about tariffs. What will the mechanism be for setting the tariffs? Will a statutory instrument be brought before both Houses to set them?

On a different matter, I am personally very enthusiastic about the Faroes and would like to put down a marker about that. I am probably one of the few people to have visited the Faroe Islands. I am slightly concerned that the Faroes account for 0% of our trade when we have £60 million of exports and £229 million of imports.

[Baroness Fairhead]

My Lords, in terms of tariff-setting, there are the powers under the Taxation (Cross-border Trade) Bill. With regard to the Faroe Islands, I think that the figure of 0% has been rounded. We are talking about the total amount of trade to the UK but I agree with my noble friend that the trade agreement with the Faroe Islands, as well as many other smaller trade agreements, is vital.