(6 years, 4 months ago)
Commons ChamberLike the whole House, I am sure, I am delighted that the Chinese Government have decided to lift the ban. I would like to praise my own officials in helping to do that, although it would not have been possible if the Prime Minister had not raised the issue at the highest level during her visit to China.
I will be seeing how we can take advantage of the lifting of the ban when I visit China in August for the Joint Economic and Trade Committee. I hope that in future we will be able to take delegations of UK beef producers, so that we can seek to make the most of an incredibly large potential market.
(6 years, 10 months ago)
Commons ChamberFirst, I warmly welcome my hon. Friend the Member for Beverley and Holderness (Graham Stuart) to my ministerial team, where he will serve as the Minister for investment. I also pay tribute to the fantastic job that his predecessor, my hon. Friend the Member for Wyre Forest (Mark Garnier), did over the course of his time in the Department.
It is right that the Government prepare for all possible outcomes from leaving the EU, including preparing for no deal. We will consider a range of options as we establish our independent trade policy on a bilateral, plurilateral and multilateral basis. The Asia-Pacific region is a very important market and an engine for future global growth. We are closely following progress of the comprehensive and progressive agreement for the Trans-Pacific Partnership.
The UK’s trade with Trans-Pacific Partnership countries amounts to 7.2% of the UK’s total trade, whereas trade with the EU amounts to 48.6%. Will the Secretary of State confirm that his Department’s priority is to secure our close economic and trading ties with the world’s largest single market before embarking on negotiations with the other trade blocs?
These are not mutually exclusive. We want an open and comprehensive trading agreement with the European Union because it is an important part of our trade. However, TPP trade is already 14% of GDP—it would be 40% were the US to rejoin—and, as the International Monetary Fund has said, 90% of global growth in the next 10 to 15 years will occur outside Europe, where there will be important markets for the United Kingdom.