Oral Answers to Questions

Felicity Buchan Excerpts

Thursday 3rd September 2020 Commons Chamber

[Felicity Buchan (Kensington) (Con)]

What steps her Department is taking to help international trade recover from the covid-19 pandemic.

[The Parliamentary Under-Secretary of State for International Trade (Mr Ranil Jayawardena)]

My hon. Friend makes an important point. Covid has threatened global trade and exacerbated protectionism. Our ambitious free trade agreements—with the United States, Japan, New Zealand and Australia—will not only help Britain bounce back by boosting trade but secure greater choice for consumers here by opening up and liberalising international markets. For example, increasing transatlantic trade could add £3.4 billion to the British economy; and the value of our exports to our friends down under could increase by around £1 billion through the deals we are striving for.

[Felicity Buchan]

We have seen increasing trade tensions over the course of the last year. Does my hon. Friend agree that we need to avoid an escalation of trade tensions?

[Mr Jayawardena]

My hon. Friend is right. There are no winners in a trade war. We will continue to shine as a beacon for free trade in the world, illuminating and toppling trade barriers through free trade agreements, boosting British influence at the G7, the G20 and the World Trade Organisation, and keeping free and fair trade at the heart of all that we do.