Oral Answers to Questions

Henry Smith Excerpts

Thursday 23rd March 2017 Commons Chamber

[Mark Garnier]

We certainly look at foreign direct investment into the regions through trading links. That is why we see inward investment in areas such as Sunderland, which has benefited from Nissan. The right hon. Lady’s point about trade is absolutely right. The UK needs to trade more with the rest of the world—just 11% of businesses that could conduct such trade are actually doing so. One of the prime concerns and objectives of the Department for International Trade is promoting trade to the whole of the UK to ensure that we up our offer to the rest of the world.

[Henry Smith (Crawley) (Con)]

What steps is the Department taking to enhance trade between India and the UK?

[Mark Garnier]

My right hon. Friend the Secretary of State has certainly held meetings in India, and we are having ongoing talks to try to facilitate opportunities there. I will visit India in the next couple of weeks with my right hon. Friend the Chancellor of the Exchequer to explore more opportunities with financial services.

--- Later in debate ---

[Mark Garnier]

The hon. Gentleman is absolutely right to celebrate the activities of this creative industry sector. However, since we have not started the article 50 process, we have not entered into any specific talks.

[Henry Smith (Crawley) (Con)]

T5. What discussions has my right hon. Friend had with Commonwealth countries about trade and investment opportunities?

[Dr Fox]

Just over a week ago, we held our first conference with Commonwealth Trade Ministers. That gave us an opportunity to look at how we might maximise intra-Commonwealth trade and at the differences between our trading systems. That will help us to move towards greater consistency in the rules that we apply so that all in the Commonwealth can get even greater benefit from a system that is growing faster than the global economy and should be much more beneficial.