Foreign Policy: Support for UK Businesses in Global Trade

Lord Bilimoria Excerpts

Tuesday 14th November 2017 Lords Chamber

[The Earl of Courtown]

I cannot answer the whole question, but the noble Baroness will be perfectly aware that the United States is already our largest trading partner.

[Lord Bilimoria (CB)]

My Lords, I speak as an importer and an exporter. Will the noble Earl accept that 50% of this country’s trade is with the European Union through our free trade agreement and that a further 17% with 50 countries around the world is via the European Union? Now, with the Japanese free trade agreement, the European Union would come to almost 70% of our trade. Will he accept that if we crash out on a no-deal basis, it looks likely that we will jeopardise 70% of this country’s trade?

[The Earl of Courtown]

My Lords, I refer back to the Florence speech made by my right honourable friend the Prime Minister. Progress is being made in this area. Both sides have agreed that subsequent rounds have been conducted in a new spirit and are determined to work together to reach an outcome that can stand behind and work for our people. We all hope there will be a proper agreement with the European Union, but if not, WTO terms await us.