Commonwealth Countries: Trade

Lord Anderson of Swansea Excerpts

Wednesday 15th February 2012 Lords Chamber

[Baroness Wilcox]

A vigorous approach is being taken by this country to invest in economies wherever we find them. However, to answer the noble Lord’s question, yes we are doing marvellous business with the Commonwealth and continue to do so. The developed markets of the Commonwealth represent very good opportunities for United Kingdom businesses. For example, our trade with India continues to rise: bilateral trade in 2010 was up 20 per cent and was worth £13 billion a year. UKTI’s activities through our India network of nine offices are building on this. We are moving resources more and more to high-growth markets, many of which are in Commonwealth countries such as India, South Africa, Malaysia and Singapore. However, half our exports go to EU member countries. We will continue to export and do business with every country that we possibly can.

[Lord Anderson of Swansea]

My Lords, should we not recognise that, with all its advantages and virtues, the Commonwealth is not, and cannot be, a trading bloc because of its very diversity, from the Maldives, with its current turmoil, to India, which has just bought French aircraft over British aircraft? To be realistic, should we not look a little more productively at bilateral relations with India and Australia but also with China?