Oral Answers to Questions

Debate between Felicity Buchan and Ranil Jayawardena

Thursday 16th June 2022 Commons Chamber

[Andrew Bridgen (North West Leicestershire) (Con)]

15. What recent discussions she has had with her Indian counterpart on increasing (a) trade with and (b) foreign direct investment from India.

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

Mr Speaker, I should also like to associate myself with your comments about our colleague Jo Cox.

Our trading relationship with India was worth over £24 billion last year, and we are already India’s top investment destination in Europe. We have had many discussions and remain determined to create more good jobs and boost wages across Britain. Together, we are bulldozing trade barriers and—from Scotch whisky to Welsh lamb and medical devices—I think we all know that a trade deal will take our relationship even further.

[Felicity Buchan]

My constituency of Kensington has strong links with India. We have the oldest gurdwara in the whole of Europe, the Khalsa Jatha, and we also have the residency of the Indian high commission. Indeed, on Sunday I will be with the Indian high commissioner in Holland Park launching International Yoga Day. Everyone is welcome to attend. [Laughter.] Can my hon. Friend explain to the House how a trade agreement with India can benefit the whole of the UK?

[Mr Jayawardena]

I may not be sufficiently flexible to attend and to join the high commissioner on International Yoga Day, but it is wonderful to hear of my hon. Friend’s collaboration.

Following the Prime Minister’s visit to India in April, British and Indian businesses have confirmed more than £1 billion of new investment and export deals in areas from software engineering to health, and this has created almost 11,000 jobs across the country, including in Edinburgh, Leeds, Northumberland and York. This illustrates how investment and a trade deal will continue to bolster our levelling-up agenda to the benefit of the whole of the United Kingdom.

Oral Answers to Questions

Debate between Felicity Buchan and Ranil Jayawardena

Thursday 21st April 2022 Commons Chamber

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

First, I thank my hon. Friend for her efforts in boosting our nation’s trade with Norway and Iceland as the Prime Minister’s trade envoy.

Last year, on behalf of the Prime Minister, we delivered the global investment summit, which saw almost £10 billion of foreign investment into our offshore wind, hydrogen and electric vehicle sectors. Meanwhile, the Office for Investment landed almost £18 billion of further green deals, and just last month the Prime Minister met Australian investors, who committed more than £20 billion to clean energy projects across the kingdom.

[Felicity Buchan]

I am proud that the UK is a leader in the G7 in the transition to net zero. I am the trade envoy to Norway and Iceland, where there are huge opportunities to do more to further that transition to net zero. Will my hon. Friend update the House on the discussions we have had specifically with companies in Norway and Iceland?

Oral Answers to Questions

Debate between Felicity Buchan and Ranil Jayawardena

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.