Trade: Trans-Pacific Partnership

Lord Stevenson of Balmacara Excerpts

Wednesday 23rd September 2020 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

My Lords, in the recent agreement in principle with Japan that we were so pleased to reach, there is an extensive data and digital services chapter that we hope will be a model for our future free trade agreements. The points made by the noble Baroness are important and are always in our mind when we negotiate these agreements.

[Lord Stevenson of Balmacara (Lab) [V]]

My Lords, can the Minister confirm that the CPTPP contains ISDS clauses? Given that the Secretary of State described this as an

“advanced agreement full of countries committed to the rules of international trade”,

why do the Government believe it necessary to provide secretive ISDS structures when we and the current members are in good standing and have perfectly adequate legal systems?

[Lord Grimstone of Boscobel (Con)]

My Lords, the UK will ensure that any future accession talks with the CPTPP are consistent with our interests and our stated policies and priorities. We are clear that our future investment policy will continue to protect our right to regulate in the public interest and we will ensure that UK investors abroad receive the same high standard of treatment that foreign investors receive in the United Kingdom.