Oral Answers to Questions

Nick Thomas-Symonds Excerpts
Thursday 21st April 2022

(2 years ago)

Commons Chamber
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Lindsay Hoyle Portrait Mr Speaker
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I call the shadow Secretary of State, Nick Thomas-Symonds.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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In recent weeks, the Government announced the suspension of all tariffs and quotas on trade between the United Kingdom and Ukraine. Labour supports that, but may I press the Government to go even further? The political, free trade and strategic partnership agreement between the UK and Ukraine was signed back in 2020. Will the Government commit to updating that agreement to make the scrapping of tariffs and quotas not just a temporary measure but a permanent one to support the Ukraine’s recovery from this appalling illegal invasion in the years ahead?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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I am grateful that the Opposition support the Government’s work to help Ukrainian businesses to continue to trade in an incredibly difficult time for them. We will continue to look at how we can both support Ukraine and its population to defend its territory—that will involve ensuring that its economy can thrive—and tighten the sanctions and trade pressures on Russia and those such as Belarus who work alongside it. In the short term, we will bring that forward through the existing FTA. We will also continue to work with the Ukrainians. As I said, I am meeting the Ukrainian ambassador later today to discuss how we can further support that country.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds
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I have met the Ukrainian Business and Trade Association, as I am sure has the Secretary of State, and I know that there were already issues with how the quota system worked before the invasion occurred. Having any trade restrictions back in place will only cause further problems for Ukraine’s economic recovery. Any permanent, updated trading arrangement with Ukraine will be supported by Labour, so will the Secretary of State set an urgent date to bring a permanent arrangement into effect to give desperately needed certainty to Ukrainian businesses?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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As I said, we are continuing to work very closely with our Ukrainian counterparts, and after questions the Minister for Trade Policy, my right hon. Friend the Member for Portsmouth North (Penny Mordaunt), will meet the business group to continue those discussions and ensure that we are both targeting in the short term and thinking about long-term ways in which we can support Ukraine and help it recover from this illegal invasion.

Oral Answers to Questions

Nick Thomas-Symonds Excerpts
Thursday 3rd March 2022

(2 years, 2 months ago)

Commons Chamber
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Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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On 13 January this year, our UK-India FTA negotiations were launched in Delhi. That first round concluded on 28 January. Discussions were productive and reflected the UK and India’s shared ambition to secure a comprehensive deal that will boost trade for both our nations. The positive discussions laid the groundwork for the UK and India to make positive and efficient progress, and the second round is due to begin on 7 March. I would not wish to give a precise landing zone, but we are working very closely and with optimism and effort on both sides.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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The whole House stands in solidarity with the Ukrainian people, who are defending the right of sovereign nations to live in freedom with courage, determination and fortitude. Labour supports the toughest possible economic sanctions on Putin’s Russian regime, which is carrying out this barbaric and illegal invasion. I welcome the restrictions on banking and financial measures and the export ban on high-end technical equipment and components in electronics, telecommunications and aerospace, but at the same time we can and must do more. Labour Members have called for a total ban on exports of luxury goods to Russia. Will the Secretary of State heed those calls and commit this Government to that export ban on luxury goods so that Putin and his inner circle cannot live a Mayfair lifestyle in Moscow?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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It is a great reassurance for the Ukrainians to know that in all parts of the House, here in the mother of Parliaments, we all stand together supporting them in every way that we can, and, across the world, bring together those voices that say, without exception, that the unprovoked aggression that Putin is showing Ukraine is unacceptable. We will continue to work across Government to make sure that we are using our UK powers as well as working with allies from across the world to tighten the screw so that Putin and his regime will find it more and more difficult not only to sustain their military campaigns but also find that they will no longer have access to their funds. The Foreign Secretary will continue to work on a number of areas. The impact of the SWIFT sanctions will be dramatic and catastrophic for Putin.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds
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I do of course appreciate that it is vital to work together with friends and allies, but let me push the Secretary of State on this specific point, because cutting off the supply of luxury products would send a further signal to those in Putin’s Kremlin, who have, by the way, often accumulated wealth and possessions at the expense of the Russian people. We can act on this and we can act now. So will the Secretary of State work with her colleagues across Government, and indeed Governments across Europe who have concerns, whether on clothing, jewellery or diamonds, to get a comprehensive ban in place to stop Putin and his inner circle living in luxury while barbaric, evil acts are perpetrated on the people of Ukraine?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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We will continue to work across Government using all the tools I mentioned, but in the meantime I encourage all those who continue to export to Ukraine to use the Export Support Service if they need that support. We will continue to use all the tools at our disposal to make sure that Putin understands fully that the behaviour he is demonstrating is absolutely outrageous. The Foreign Secretary will lead those discussions.

Oral Answers to Questions

Nick Thomas-Symonds Excerpts
Thursday 20th January 2022

(2 years, 3 months ago)

Commons Chamber
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Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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As I said, it is a Government priority to secure a good deal and ensure that we find the right way forward to get out of the section 232 tariffs, which we are doing at pace. The US Secretary of State for Commerce and I will work to ensure that that imbalance is removed as quickly as possible.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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At the start of last month, I wrote to the Secretary of State about those steel tariffs, which have been in place since 2018 and have already done great damage. In 2017, exports of steel and aluminium to the United States were more than 350,000 tonnes. In 2020, that had fallen to 200,000 tonnes. The situation is urgent, because as my hon. Friend the Member for Preston (Sir Mark Hendrick) set out, the EU gained a competitive advantage on new year’s day, with the US having lifted tariffs for EU member states but not the UK. I welcome the opening of those negotiations, but will the Secretary of State confirm that in advance of those talks the Prime Minister raised the issue personally with President Biden?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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I assure the House that I have been extremely robust in moving the issue along since coming into post. I am pleased that we were able to launch these negotiations yesterday. It is important that we sort out and remove those unnecessary and burdensome tariffs on the UK. The UK steel and aluminium industries are not a threat to the US ones. We were working closely at every level to ensure that we find a solution as quickly as possible.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds
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The lifting of the tariffs is vital for jobs and livelihoods across the country, yet the Secretary of State could not confirm that the Prime Minister has raised the issue with President Biden. The truth is that the Prime Minister has been more interested in saving his own job than in saving jobs in the steel sector. The longer the tariffs remain in place, the more damage the Government allow to happen to our steel sector, a foundational industry that is vital for our economy. If the Secretary of State cannot even confirm that the Prime Minister has picked up the phone to the US President about that, are people not right to conclude that the Prime Minister is focused on saving himself and does not care about steelworkers’ jobs?

UK-Australia Free Trade Agreement

Nick Thomas-Symonds Excerpts
Wednesday 5th January 2022

(2 years, 4 months ago)

Commons Chamber
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Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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I am grateful to the Secretary of State for her statement and for advance sight of it.

I would say at the outset that we on the Labour Benches are in favour of negotiating trade deals that benefit UK workers and businesses and promote our values around the world, and we will not hold the Government to impossible standards, but we will hold Ministers to what they have promised people they will deliver from the negotiations. Those promises make it even more important that Ministers show strength at the negotiating table and defend UK interests to the utmost. Other countries, in future negotiations, will look at what was conceded to the Australian negotiators and take it as a starting point.

We already have a UK-Japan trade deal that benefits Japanese exporters five times as much as it does UK exporters. A worrying pattern is emerging of not standing up for UK interests. It is what makes the Government’s failure in so many aspects of this deal so costly for the United Kingdom. The Government’s own impact assessment shows a £94 million hit to our farming, forestry and fishing sectors and a £225 million hit to our semi-processed food industry.

The Government claim that they are trying to mitigate that with tariff-free access being phased in over several years, but what is being done is totally inadequate. On beef and sheepmeat, the phasing-in period is 15 years, but the quotas being set by the Government for imports from Australia are far higher than the current level of imports. On beef imports, for example, when Japan negotiated a deal with Australia it limited the tariff-free increase in the first year to 10% on the previous year. South Korea achieved something similar and limited the increase to 7%. But this Government have negotiated a first-year tariff-free allowance of a 6,000% increase on the amount of beef the UK currently imports from Australia. On sheepmeat, in the first year of the deal, the Government have conceded a 67% increase in the tariff-free quota. Why did Ministers not achieve the same as Japan and South Korea?

Why have Ministers failed to ensure that Australian agricultural corporations are not held to the same high standards as our farmers? The Secretary of State mentioned animal welfare standards in her statement, but what the Government have agreed is a non-regression clause. To be clear, that does not mean that the standards will be the same in both countries. That is not fair competition. What will actually happen is that meat produced to far lower animal welfare standards will get tariff-free access to the UK market. So much for the promise of the Secretary of State’s predecessor that the Government had no intention of striking a deal that did not benefit our farmers. Is it any wonder that Australia’s former negotiator at the WTO said:

“I don’t think we have ever done as well as this”?

On climate change, which the Secretary of State mentioned, the COP26 president said, on 1 December, that the deal would reaffirm

“both parties’ commitments to upholding our obligations under the Paris agreement, including limiting global warming to 1.5°.”—[Official Report, 1 December 2021; Vol. 704, c. 903.]

But an explicit commitment to limiting global warming to 1.5° is not in the deal. Perhaps the Secretary of State can tell us what went wrong in those final days. Does the Secretary of State also accept that the failure to include that explicitly in this important deal damages the UK’s ability to lead on climate change on the world stage—[Interruption.] Ministers shout at me, but they told the House on 1 December that it would be included. What went wrong?

The Secretary of State has confirmed that she has asked the Trade and Agriculture Commission, as she is required to do, for advice on the impact of the deal on statutory protections for agriculture. Will she confirm when the Government’s own report will be available?

On scrutiny, why are the Government promising a monitoring report approximately two years after the agreement comes into effect, and every two years thereafter? Why not every year? In addition, the Secretary of State spoke about the impact of trade deals on the whole of the United Kingdom. Can she confirm what steps she will take to address any concerns raised by the devolved Administrations, and how she will formally involve them in the ratification process?

Tariff-free access to our UK market is a prize Ministers should not give away easily. However, looking at the concessions made by this Government, are people not right to worry that the Government are more interested in a quick press release announcing a completed deal than they are in standing up for UK jobs and livelihoods?

Anne-Marie Trevelyan Portrait Anne-Marie Trevelyan
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I am glad the right hon. Gentleman supports international trade, but I come away slightly less than enthused that he is genuine in that, and I hope we will be able to persuade him in the months and years ahead that the Government’s commitment to giving UK businesses the opportunity to share their incredible goods and services around the world is absolutely the focus of the work we are doing. I will try to cover all the points he raised, but if I miss any, I will be happy to write and confirm them.

On quotas, let us be clear—I highlighted this in my statement—that the vast majority of beef and sheepmeat being sold from Australia is going to the Asia-Pacific for the time being, and the quotas have been brought in on a very clear and slow trajectory to allow our farmers to consider the markets. Really importantly, we are looking much more widely, and this is the first of what I hope will be many deals; indeed, this is about not only free trade agreements, but the removal of various barriers to exports—things such as the lamb export ban that has been in place with the US for over 20 years. Just before Christmas, we agreed that it would be removed so that our lamb farmers would be able to export some of the finest lamb in the world—I speak with a personal interest, from Northumbria farmers’ perspective—into US markets for the first time in two decades. So there are some really exciting things coming, and the Australia deal is the first of many deals that will afford our businesses, including our farmers, many new market opportunities.

On standards, the animal welfare chapter is the first one the Australians have ever done. Their commitment to moving forwards—as the right hon. Gentleman says, there is the non-regression piece—and to working with us is really important. In the same way that the environmental chapter does, that commitment shows their very clear policy objective as a nation to move forwards. The environmental chapter is, again, the first they have ever committed to, and in it they have committed to the Paris agreement. As we were in the final throes of the negotiations—I was very much involved, and it was a great honour, at COP26 with the President of COP26—Australia brought forward a net zero commitment, which is something that many have failed to do in Australian politics. That commitment, alongside this environmental chapter, shows a very strong commitment by the Australians to move forward on this issue. We will work together, not only as mutual friends and allies, but with other countries to help them meet their net zero commitment. That is a really important commitment.

This is a broad, liberal agreement; we talk about tariff-free access to the UK, but we also have tariff-free access to Australian markets. This is a broad, liberalising, fair and well-balanced trade deal between partners who want to work together as closely as possible in the decades ahead.

Oral Answers to Questions

Nick Thomas-Symonds Excerpts
Thursday 2nd December 2021

(2 years, 5 months ago)

Commons Chamber
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Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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Thank you, Mr Speaker. I am also grateful to the Secretary of State for her welcome. I look forward to our debates on the crucial importance of trade to our national economy and, indeed, to promoting our values around the world.

The objective of the New Zealand-led international agreement on climate change, trade and sustainability is to break down global barriers to trade in green goods and services and eliminate the subsidies that are propping up fossil fuel producers. The Secretary of State announced last week that the UK would not be taking part in this crucial initiative. Can the Minister explain why?

Ranil Jayawardena Portrait Mr Jayawardena
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I, too, welcome the right hon. Gentleman to his place. He is right—the United Kingdom is not currently considering joining the negotiations on that agreement—but we will continue to work with partners to establish how such plurilateral initiatives can help to support discussions at the World Trade Organisation. We will also continue to work closely with our partners on wider trade and environment matters, both through bilateral dialogue and through multilateral forums. That is how we believe we can secure the best results for not only the British people but the world.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds
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The Government have not made an inch of progress on green trade in any of the bilateral trade agreements signed since 2019, so why should we put faith in that now? The Board of Trade itself has said:

“There are two main ways that trade can accelerate the green transition: liberalising green trade; and reducing market distortions”.

Does the Minister accept that that is exactly what the New Zealand agreement does, and if so, does he not think that now is the time to show global leadership and not to stay on the sidelines?

Ranil Jayawardena Portrait Mr Jayawardena
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We are absolutely committed to ensuring that the environment receives the full attention of Her Majesty’s Government, but we will also seek to end other environmentally wasteful practices that arise from other state actors, such as the subsidising of the illegal, unreported and unregulated fishing sectors that exist in some countries, and we will press for the successful conclusion of the fisheries subsidies negotiation. That demonstrates that we are working across a number of areas, not just the one to which the right hon. Gentleman has referred.

Trade Deals and Fair Trade

Nick Thomas-Symonds Excerpts
Wednesday 11th March 2020

(4 years, 2 months ago)

Westminster Hall
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Geraint Davies Portrait Geraint Davies (Swansea West) (Lab/Co-op)
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I beg to move,

That this House has considered trade deals and fair trade.

It is a great pleasure to move the motion during Fairtrade fortnight. The debate is about how to hardwire the ethics of fair trade into future trade deals as we break out of Europe. I stand here as a Labour and Co-operative MP. The Co-op has a proud tradition of fair trade, solidarity and social justice, and, on the retail side, promoting Fairtrade coffee, bananas, wine, chocolate, and so on.

I represent Swansea West, and I am pleased to say that Swansea has been a Fairtrade city since 2004. In fact, Wales became the first fair trade nation in 2008, and a lot of that work was done by the Swansea fair trade forum. I am also a supporter of the Fairtrade Foundation, which has tended to focus on cocoa producers in the Côte d’Ivoire and Ghana, where there are issues surrounding living incomes, gender inequality and environmental standards.

Coming to the crux of the matter, we are all aware that we face opportunities and risks in striking trade deals. Naturally, a lot of focus has been on the removal of subsidies and tariffs, and some of the focus has moved on to standards of products and services. However, I wish to talk about standards in relation to the environment, labour, and crop diseases and the like, which can be used to undermine free and fair trade by providing unlevel playing fields.

In a nutshell, fair trade is the principle that market actors should not gain a competitive advantage by adopting practices in other states that would be unlawful or unethical in their home states. The fair trade principle is that we should not outsource abuse—whether in terms of human rights or environmental standards—and then import products made under such conditions, creating unfair competition for domestic producers, who have to live up to high environmental and ethical standards. It is important that we do not import products that are produced below our standards and by virtual slave labour. Such imports naturally lead to people complaining locally that trade is uncompetitive, and to rhetoric about stopping trade and how everything is unfair to domestic producers, who miss out.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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I congratulate my hon. Friend on securing the debate in Fairtrade fortnight. Does he agree that Britain needs to be a real example around the world in standards, and would it not be a good idea if the Government set out clearly that they intend to remain a signatory to the European convention on human rights?

Future Free Trade Agreements

Nick Thomas-Symonds Excerpts
Thursday 21st February 2019

(5 years, 2 months ago)

Commons Chamber
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Liam Fox Portrait The Secretary of State for International Trade and President of the Board of Trade (Dr Liam Fox)
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I beg to move,

That this House has considered potential future free trade agreements: Australia, New Zealand, US and a comprehensive and progressive agreement for Trans-Pacific Partnership.

It is a pleasure to open the debate on Britain’s potential future free trade agreements as an independent trading nation outside the European Union. The Government have consulted widely on the topic and heard a huge range of views, including from the Select Committee on International Trade, businesses, civil society groups, parliamentarians and the wider public. Today is the opportunity for the Government to hear further from Members of this House what their ambitions are for the first agreements we negotiate as an independent trading nation.

Although the Government’s firm intention is secure an ambitious partnership with the European Union, if we are to deliver on the referendum result instruction given to us by the British people, we must remember that there is a world beyond Europe and there will be a time beyond Brexit. Now, for the first time in over 40 years, the United Kingdom will have the opportunity to step out into the world and forge relationships across the globe by negotiating, signing and ratifying new free trade agreements.

Free trade agreements should not be seen in isolation from the wider economic, strategic and security partnerships that we will need to thrive as a truly global Britain; nor should we ignore the enormous potential of multilateral agreements, which can have even greater liberalising effect than bilateral FTAs. Our ability to influence such agreements will be a major benefit of taking up our independent seat at the World Trade Organisation on leaving the European Union.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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Numerous constituents have contacted me, very concerned about the future of our national health service. If we are to have all these trade deals around the world, can the Secretary of State guarantee that we will never open up our healthcare market to private firms that would deeply damage our NHS?

Liam Fox Portrait Dr Fox
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I have read a number of representations from a number of organisations, particularly in relation to investor-state dispute settlements on matters such as healthcare, but let me say first that the ISDS system does not and cannot force the privatisation of any public services, and under current UK and EU agreements, claims can be made only in respect of established investments; they cannot be made in relation to an alleged failure to open up public services to a potential investor.

In the comprehensive and economic trade agreement, which has been ratified by this House, there is a clear reservation on healthcare services, which the Government have said we want to use as the template for the future. For the sake of clarity, I will read out the provision. Under the heading “Cross-Border Trade in Services”, it states:

“The United Kingdom reserves the right to adopt or maintain any measure requiring the establishment of suppliers and restricting the cross-border supply of health-related professional services by service suppliers not physically present in the territory of the UK, including medical and dental services as well as services by psychologists; midwives services; services by nurses, physiotherapists and paramedical personnel; the retail sales of pharmaceuticals and of medical and orthopaedic goods, and other services supplied by pharmacists.”

We have made it very clear that there will be nothing in future agreements that will stop the Government being able to regulate our public services, including the national health service. That is set out in statute; it is there for all those who take an interest to read. There is no point having the same old arguments that were raised by the Transatlantic Trade and Investment Partnership, because we have already made that specific proposal; it sits there in CETA, which was ratified by this House, although its provisions, including NHS regulation and services, labour law and environmental services, were not supported by the Opposition. Perhaps the hon. Gentleman would like to explain why.

Oral Answers to Questions

Nick Thomas-Symonds Excerpts
Thursday 20th December 2018

(5 years, 4 months ago)

Commons Chamber
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George Hollingbery Portrait George Hollingbery
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The situation after a hard Brexit— a no-deal Brexit—is a complex one and will rely on a large number of factors. Some Government policies have yet to be absolutely finalised. The pricing of goods in the UK market, particularly for food, is regarded as extremely sensitive, as indeed are the incomes and livelihoods of farmers throughout the UK who rely on selling those products.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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Merry Christmas, Mr Speaker.

The memo published by the European Commission yesterday was clear that, if the UK leaves with no deal and ends up trading on WTO terms, customs declarations and other checks will be required on exports into the EU. Have the Government estimated how much that will cost UK business?

George Hollingbery Portrait George Hollingbery
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The Prime Minister has brought back a deal from Brussels. I believe it is the right deal for this country. If it is put in place, what the hon. Gentleman describes will plainly not be an issue.

Leaving the EU: Future Trade Remedies

Nick Thomas-Symonds Excerpts
Tuesday 17th April 2018

(6 years ago)

Westminster Hall
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This information is provided by Parallel Parliament and does not comprise part of the offical record

Jack Brereton Portrait Jack Brereton (Stoke-on-Trent South) (Con)
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I beg to move,

That this House has considered future trade remedies after the UK leaves the EU.

It is a pleasure to introduce this debate with you in the Chair, Mr Hollobone. If our future trade proves as free and fair as I know you will be, we will be making progress.

I am grateful for the opportunity to raise the hugely important and wide-ranging issue of the trade remedies that will be employed by global Britain after we leave the European Union. To bring focus to the debate, I will mainly address the position faced by the modern ceramics industry and other advanced manufacturing businesses in Stoke-on-Trent, but I am sure that other Members will be able to draw parallels with relevant trading sectors in their constituencies.

In 2017, the UK’s total trade in goods and services deficit was 1.4% of GDP. Importantly, that looks to be the lowest annual deficit this century. Indeed, I checked the Office for National Statistics historical data series, and it looks to me to be the lowest deficit as a percentage of GDP since 1998 and less than half what it was in Labour’s economic meltdown of 2008. I am not sure whether the Department for International Trade has made much of that fact, but perhaps it should. That, combined with the record foreign direct investment into the UK in 2017, shows that something in our trade policy is strengthening our international position. It is imperative that we identify what that something is—what works in our trade policy while we are an EU member state—and look to continue what works after we leave the EU or replace it with something at least as effective, and preferably even more so.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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I congratulate the hon. Gentleman on securing the debate. Does he agree that we need transparency about how we calculate duties, not least in the steel industry, where we could do with great transparency about how we calculate the level of dumping, for example?

Jack Brereton Portrait Jack Brereton
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I agree that it is important that we have a transparent and open approach. It is certainly important to ensure that there is transparency through an independent trade remedies authority.

Most pressingly, I seek assurances from the Minister that we will have effective anti-dumping measures which ensure that there is a level and fair playing field on which free trade can be played out. Our job is to embrace the opportunities of Brexit and use Britain’s position as a leading member of the World Trade Organisation to push for free and fair trade globally. We need the same level and fair playing field globally that we pushed for on the regional stage of the single market as a member of the European Union.

Thanks to this Government, global Britain starts from a solid economic base, underpinned by a world-renowned and hugely attractive legal system with sound governance rules that has been hard built over centuries. The UK is a great place to do business. In a competitive world, it needs to be. I do not argue that we should reinvent the corn laws—far from it. British industry must continue its efforts to be more productive and innovative. Although our modern industrial strategy will create an environment from which winners can emerge, it will not pick winners, and it will not prop up or bail out those who fail to satisfy their customer base, diversify their product range or provide the right value for money with products that are worth every penny of their competitive price.

I am hugely encouraged that manufacturing productivity increased by 2.6% in the fourth quarter of 2017, not just because that might be a signal that we are finally resolving the productivity puzzle but because it shows that the renaissance of British manufacturing and export success is, unlike what some people claim, built on more than the current low trading range of the pound. It is true that the lower pound helps with finding new markets in the short term, but achieving longer-term competitiveness will be key to keeping those markets and expanding them when exchange rates change again. Getting domestic policies right, keeping taxes and the regulatory burden down and getting skills and the entrepreneurial spirit high is every bit as important to our future trade as the adoption of remedial measures sanctioned by the WTO.

By getting both domestic policies and international rules right, and having free and fair rules-based markets guiding both, we can continue to boost the number of UK firms that engage in export markets. That is not just theory; it is happening in practice. City A.M. reported only yesterday that, according to Lloyds bank’s latest business barometer, two in five businesses in the UK are planning to export for the first time or enter a new market within six months. The prospect of increased profits and turnover is the main reason why firms are looking to expand their business abroad. Almost one fifth explained that they were looking to export due to existing demand overseas, while only 13% were driven by exchange rates. There are big growth markets out there, and the Prime Minister is right to highlight and drive the amazing opportunities for trade across the Commonwealth.

United States Tariffs: Steel and Aluminium

Nick Thomas-Symonds Excerpts
Liam Fox Portrait Dr Fox
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My hon. Friend makes an important point. The exports from Skinningrove to Caterpillar make up about 25% of the site’s output and he is right to say that US producers have poor capability in regard to this product. The application of tariffs is therefore likely to result in a rise in input costs, which would be to no one’s economic benefit.

Nick Thomas-Symonds Portrait Nick Thomas-Symonds (Torfaen) (Lab)
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We all hope that these tariffs will not be imposed on 23 March, but if they are, what steps will the Government commit to taking in order to support steelmaking in this country and our steelmaking communities?

Liam Fox Portrait Dr Fox
- Hansard - - - Excerpts

That date, 23 March, is not quite the deadline that it might appear. My initial discussions with the US Department of Commerce and the Office of the United States Trade Representative have made it clear that the period of exemption will continue some way beyond the initial introduction. Clearly, if there are going to be exemptions for the EU or the UK, we would want to see them introduced as early as possible. We will continue to push for exemption on the basis that I have set out today.