G20

Catherine McKinnell Excerpts

Monday 17th November 2014 Commons Chamber

[The Prime Minister]

My right hon. and learned Friend is absolutely right. The change in Congress, if anything, makes the chances of a successful trade deal more likely and so we should push as hard as we possibly can. The point I made to other European leaders is that we need to work hard to quash some of the wholly false arguments that are being put about by opponents of the transatlantic trade and investment partnership. It does not in any way have to affect our national health service, for instance, and nor does it mean that we will be lowering food or health and safety standards. Indeed, there is an argument to make to non-governmental organisations and others that Europe and America setting some of these global standards is actually good for the world, as well as being a free trade deal that can lift growth and jobs.

[Catherine McKinnell (Newcastle upon Tyne North) (Lab)]

Will the Prime Minister update the House on specific progress on delivering transparency in extractive industries, which we know cause so much corruption that is damaging to developing countries?

[The Prime Minister]

In this area, on this occasion, the G20 rather under-delivered. We have made progress on the exchange of tax information, which is vital, and on the idea that every country has to have a process of transparency for beneficial ownership so that tax authorities can find out who owns what, but the hon. Lady is right that the third leg is further progress on the extractive industries and the extractive industries transparency initiative. We made limited progress, but it was not a strong feature of what we agreed at the weekend.