EU Trade Agreements: Replication
Debate between Rachel Reeves and Liam Fox(5 years, 9 months ago)
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Dr Fox
But we are leaving the EU. Were we to attempt to have a customs union relationship, which is what the Labour party says, we would have no say in that trade policy; we would actually be worse off than we are today in the European Union. The EU has made it very clear—and the European Union treaty makes it very clear—that a third country outside the EU cannot be involved in setting EU trade policy. At best, it is a fantasy, at worst, a dangerous delusion.
Rachel Reeves (Leeds West) (Lab)
On free trade agreements with Japan and South Korea, the Secretary of State for Business made it clear to the Business, Energy and Industrial Strategy Committee last week that the deadline for companies exporting to Japan and South Korea is this Friday, 15 February, because shipments take six weeks to arrive. What advice would the Secretary of State give to businesses that are exporting to Japan and South Korea? If the Government get their deal through, will the free trade agreements with those countries roll over? If we do not manage to secure a deal, what happens to those shipments when they arrive at the end of March and the beginning of April?
Dr Fox
The hon. Lady raises a very important point. On Japan, the Japanese Government have said to us that if there were a deal with the European Union, they intend to roll over the Japan economic partnership agreement at that point, and the UK would continue to benefit. I have to say, though, that we have been trading with Japan for many years, but trading on World Trade Organisation terms. We have been trading under the Japan EPA for a matter of days. When it comes to British business continuity, firms are used to dealing on WTO terms, and I envisage our trade relationship with Japan to be largely effected by our potential membership of CPTPP, to which the Japanese Government have given enormous encouragement.