Agricultural Exports from Australia: Tariffs

Lord Stevenson of Balmacara Excerpts

Tuesday 8th June 2021 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

My Lords, as ever my noble friend encapsulates precisely the advantages of free trade agreements and I thank him for that.

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

My Lords, this trade agreement contains an ISDS mechanism, which provides private corporations with the right to bypass the laws and courts of both parties. During the passage of the Trade Bill, the Minister confirmed government support for reforms to the ISDS through the UN Commission on International Trade Law’s proposals for a multilateral investment court. Can he update us on progress?

[Lord Grimstone of Boscobel (Con)]

My Lords, the precise details of the UK-Australia free trade agreement are a matter for ongoing negotiations. In respect of ISDS, the UK Government consider the inclusion of ISDS provisions in FTAs on a case-by-case basis and in light of the unique UK-Australia investment relationship. We are huge investors in each other’s markets and appropriate ISDS will benefit investors on both sides.