Digital Economy Agreements

Lord Wolfson of Tredegar Excerpts

Monday 24th July 2023 Lords Chamber

[The Earl of Minto (Con)]

My Lords, I absolutely understand the point and I am assured that the security of data is second to none throughout these free trade arrangements, but I will be very happy to write with the full details.

[Lord Wolfson of Tredegar (Con)]

My Lords, in addition to the work on the international stage that my noble friend mentioned, does he also recognise the opportunity here for English law to become the system of law underpinning these new ways of doing international trade? Our Victorian forebears made English law the international law of commerce, with negotiable bills of lading and bills of exchange. The work done by the Law Commission on the Electronic Trade Documents Act and the speeches given by the Master of the Rolls show how English law can now be the law underpinning cyber-transactions and blockchain. Will my noble friend ensure that equal weight is given by the department to that part of this very important work?

[The Earl of Minto (Con)]

My Lords, I shall certainly do all that I can. I believe that in the agreement we reached with Singapore, which was fundamental in the success that we have just achieved at CPTPP, and the agreement with Ukraine, the basis of the law used has been widely praised. It is expected that it will be used as a form for going forward.