Nick Fletcher
Main Page: Nick Fletcher (Conservative - Don Valley)Department Debates - View all Nick Fletcher's debates with the Department for International Trade
(3 years, 7 months ago)
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Nick Fletcher (Don Valley) (Con)
It is a pleasure to serve under your chairmanship today, Mr Hollobone. I thank my hon. Friend the Member for Wycombe (Mr Baker) for bringing this debate.
I welcome the UK’s accession to the CPTPP as the next step in the evolution of our post-Brexit trade policy. The agreement will strengthen the bilateral trade deals we have and our negotiation with other CPTPP members. Crucially, it will allow us to expand our increased international trade without compromising on our sovereignty. It is, above all, an economic agreement. While it requires some alignment in trading standards, as all trade deals do, it does not seek to impose political alignment. There are no common laws and where disagreements between states arise, they will be resolved by an ad hoc arbitration panel rather than permanent courts. With such a wide range of countries and economies, I do not think it could be any other way. I look forward to trading more closely with partners who understand that productive trade relationships do not require uniformity.
We will continue to have full control over our laws, money and borders, while improving access for UK goods and services around the world. Rules of origin under this agreement mean that some of our most important industries will benefit. For instance, car manufacturers in the UK can use Japanese parts; as long as the final product is 70% CPTPP-origin, it will qualify for preferential tariffs when exported to Canada. Scottish whisky, too, will see tariffs significantly reduced or eliminated, going from 165% to 0% in Malaysia.
Just as importantly, these are the economies expected to grow significantly in the coming years and decades. In just three years, between 2016 and 2019, the UK’s trade with CPTPP states grew by 8% annually. Joining the CPTPP now means that our small businesses will have preferential access to these economies, and the small and medium-sized business support included in the agreement means that they will be able to take full advantage.
However, acceding to the agreement is not purely an economic choice. Among the CPTPP members are states with whom we have increasing security ties—in particular, Australia and Japan. Close economic partnerships can only help our overall relationship with strategic partners.
Finally, the Government have shown that they are open to skilled immigration from people around the world. Through the CPTPP, business people will hopefully soon benefit from a quicker, less expensive visa process. In all, the UK has a lot to gain and to offer from joining the CPTPP, and I look forward to more trade deals with a diverse range of countries in the years to come.