Global Britain

John Penrose Excerpts

Thursday 30th January 2020 Commons Chamber

[Elizabeth Truss]

I agree with the hon. Gentleman. We want to have a great trading relationship with the EU, and we want to have a great trading relationship with the rest of the world. Our ambition is to ensure that 80% of UK trade is covered by free trade deals within three years, and that will mean lower tariffs for British producers sending their goods into the EU and also right around the world.

This is hugely important for levelling up our country, from the potters of Staffordshire and the sheep farmers of Wales to the robotics manufacturers in the north-east. By lowering tariffs and striking advanced digital agreements, we will give a boost to local economies, which will increase the number of jobs, increase wages and promote growth in those areas. That is the way we are going to level up our country: through enterprise and trade bringing more opportunities.

We are ambitious about securing a pioneering free trade agreement with Japan, which is already our main source of investment in Asia, employing more than 150,000 people across the UK. There are also fantastic opportunities to expand our trade with Australia in areas as diverse as defence, education, digital and infrastructure. These opportunities with the US, Japan, Australia and New Zealand are significant and will bring real value, but there is also an opportunity for us to become part of world-leading trade arrangements such as the CPTPP, partnering with 11 of the fastest-growing Pacific economies with consumer markets worth over $6 trillion.

We have the opportunity to make great free trade agreements across the world, and global Britain can once again become the ideas factory of the world, building the networks, the trust and the confidence that will underpin the success of British businesses in markets of the future. That is why we recently held the Africa investment summit, breaking down barriers to trade, building business links and forging new relationships in a continent that includes more than half of the world’s 15 fastest-growing economies.

[John Penrose (Weston-super-Mare) (Con)]

It is good to hear such a doughty defence and exposition of some classical and enduring truths about the importance of free trade, not just to this country and everybody in it but to the rest of the world. Does my right hon. Friend agree that one small but symbolically significant thing we could do is to ensure that free trade is extended to our overseas territories? They are 14 fairly small territories scattered around the world, but each is potentially a trading post for Great Britain, and this could be of benefit to the residents of those territories as well.

[Elizabeth Truss]

My hon. Friend makes an extremely good point, and of course we want to extend those trading relationships with our overseas territories as far as we can.

I am pleased to say that, as we leave the European Union, we will be launching a new GREAT ready-to-trade campaign, featuring the Union flag and showcasing a modern, confident and successful Britain. We will have billboards and press and digital ads in 18 cities across 30 countries outside the EU, and we will be encouraging investors and buyers worldwide by showing that the UK is ready, willing and able to trade. These efforts are key to our agenda to unite to level up our country, delivering opportunity and unleashing the potential of every part of the United Kingdom.

However, trade is about more than just exports and investment. It is also about shaping the sort of world we want to live in. Let us be honest, there is a battle raging at the moment across the world: a battle between protectionism and free trade, between unfair trading practices and the defence of intellectual property, and between those who wish to restrict human freedom and those who seek to advance it. Let nobody be in any doubt which side the United Kingdom is on.