Trading Relations: USA, EU and China

Lord Hannay of Chiswick Excerpts

Monday 7th November 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

Well, it is imports versus exports. My noble friend makes a good point: the Government’s vision is to create a UK that trades its way to prosperity. We will achieve this by championing free and fair trade multilaterally, plurilaterally and bilaterally through engagement at the WTO, our free trade agreements and our bilateral market access work. As I said, this allows us also to export using our great skills in services, digital, science, technology and advanced manufacturing.

[Lord Hannay of Chiswick (CB)]

My Lords, the Minister says that an agreement with India is some way away, just 10 days after the target date for completing the negotiations. Can he explain why that target date was not met?

[Viscount Younger of Leckie (Con)]

I understand that the target date tied in with Diwali rather neatly, but I am sure that the noble Lord, with all his experience, will tell me that it is right to have a date that people can work towards. India is a huge prize for this country. It is a dynamic, fast-growing trade partner and offers a terrific opportunity to deepen our already strong relationship, which was worth £29.6 billion in the four quarters to the end of quarter 2 in 2022. However, there is a lot of work to be done on this deal. It is right to have a deadline but we certainly need to work hard on the deal.