EU Trade Agreements: Replication Debate
Full Debate: Read Full DebateDepartment: Department for International Trade
Emma Little Pengelly
Main Page: Emma Little Pengelly (Democratic Unionist Party - Belfast South)Department Debates - View all Emma Little Pengelly's debates with the Department for International Trade
EU Trade Agreements: Replication
Emma Little Pengelly Excerpts(5 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Dr Fox
It would be unparliamentary of me to use the same term as the shadow Secretary of State for some of Labour’s tests that have led it to its policy today. It is nonsensical to say that we can be both in a customs union with the European Union as a third country and still have an effect on trade. Those tests would increase the chances of the UK remaining permanently as a rule taker, which would not be advantageous to the UK.
Emma Little Pengelly (Belfast South) (DUP)
There has been a great deal of focus on the number of trade deals, but, as the Secretary of State has outlined, the value of the trade in each deal varies significantly. He has indicated that many of the deals will go down to the wire. How many is he anticipating will be signed before that date? More importantly, what is their value as a percentage of our current trade value for the entire third-party free trade deals?
Dr Fox
As ever, I am grateful to the hon. Lady for her question. On the UK’s trade, 48% of our trade is with the European Union and 52% with the rest of the world. Of the rest of the world trade, around 11% occurs under EU FTAs. Of the 40 or so agreements, five represent 76% of the 11%, and the bottom 20 represent less than 0.8% of 1%. Therefore, there is very clear advantage in getting those larger agreements across the line first, and we are making excellent progress in that regard.