Exiting the European Union and Global Trade

Deidre Brock Excerpts

Thursday 6th July 2017 Commons Chamber

[Deidre Brock (Edinburgh North and Leith) (SNP)]

The Secretary of State talks about the interdependent global world. The British Ports Association warned that a hard Brexit could hurt small and medium ports, which rely on short sea trade. Its members, including Forth Ports in my constituency, are very worried about the hurdles of new customs requirements and costly tariff regimes. Given that 95% of international trade by tonnage goes through our ports, what action is being taken to address those concerns and ensure that Brexit will not damage vital industries trading through them?

[Dr Fox]

The first service we can do is not to add adjectives to the word Brexit, because what the Government intend to achieve is as open a trading relationship as possible. If we think about it, the free trade agreement that we will go on to negotiate with the European Union ought to be the easiest FTA in global history. We are starting in a zero-tariff environment and from absolute 100% regulatory and legal equivalence. The only way we would not reach a free and open trading environment would be if the politics of the process took precedence over the economics, prosperity and wellbeing of the people. That is the challenge.

I will give the hon. Member for Edinburgh North and Leith (Deidre Brock) a second challenge, as this is not just about Europe. The decisions we take will reverberate through the global economy. If we put trade and investment impediments into the European economy that do not exist today, that will cause ripples across the global economy that will be felt well beyond our borders.