Brexit: Trade

Lord Pearson of Rannoch Excerpts

Tuesday 1st November 2016 Lords Chamber

[Baroness Mobarik]

I am sorry, but I only half-heard that question, first, because of the enthusiasm of my noble friends behind me but also because of the length of the question or questions. Perhaps the noble Lord would pick out one question and then I will answer.

[Lord Pearson of Rannoch (UKIP)]

My Lords—

[Lord Deben (Con)]

What estimate has my noble friend made of the value of the additional trade that would be available to the United Kingdom through a free trade agreement or agreement under very special arrangements with Australia that is not now available to us as a member of the world’s largest trading community, the European Union?

[Baroness Mobarik]

I do not have figures for what might happen. All I can say is that we currently have about £10 billion worth of trade in goods and services with Australia. We are in the fortunate position of having the same legal system, the same language and the same culture, which are all positive factors in negotiating a free trade agreement further to enhance what we already have.

[Lord Pearson of Rannoch]

My Lords—

[Lord Harrison (Lab)]

My Lords, will the Minister give an example of the elements of trade—

[The Lord Privy Seal (Baroness Evans of Bowes Park) (Con)]

My Lords, the noble Lord, Lord Pearson, has been trying to get in on a number of occasions, so we will go to him and then to the Labour Benches.

[Lord Pearson of Rannoch]

I am most grateful, my Lords. Further to the penetrating question from my noble friend Lord Forsyth, could I ask the Government whether they are aware—

[A noble Lord]

Noble friend?

[Noble Lords]

Oh!

[Lord Pearson of Rannoch]

Are the Government aware that the aggregate GDP of the countries with which the EU has managed to sign trade agreements is a mere $7 trillion, but that four much smaller economies than ours, Chile, Korea, Singapore and Switzerland, have signed agreements with an average GDP value of $42 trillion each—or six times more than the EU? Does this not suggest that the United Kingdom, as the world’s fifth largest economy, will be able to do very much better on its own than when it is shackled to the failing EU?