Oral Answers to Questions

Robert Syms Excerpts

Thursday 15th December 2022 Commons Chamber

[Scott Benton (Blackpool South) (Con)]

10. What steps her Department is taking to reduce barriers to global trade for British businesses.

[Sir Robert Syms (Poole) (Con)]

12. What steps her Department is taking to reduce barriers to global trade for British businesses.

[Mark Pawsey (Rugby) (Con)]

16. What steps her Department is taking to reduce barriers to global trade for British businesses.

--- Later in debate ---

[Greg Hands]

My hon. Friend is always looking for opportunities for Blackpool businesses and his constituency. He is right: the UK is negotiating an ambitious trade deal with the Gulf Co-operation Council, and an FTA is expected to boost trade between our economies by at least 16%. We also engage bilaterally with GCC countries. For example, a key recent success was being able to get Holland & Barrett vitamin and food supplements into Qatar, which was worth an estimated £250,000.

[Sir Robert Syms]

I commend the Minister of State on all the hard work he is doing—I am an avid follower of his Twitter feed, and it is interesting to find out which country he is in on any individual day. We do a lot of good exports of cars and so on, but one area we need to grow is invisibles—financial and other services. When we do trade agreements, are we putting enough effort into ensuring that our service sector can take full advantage of them?

[Greg Hands]

My hon. Friend has hit the nail on the head—quite apart from the fact that he follows me so closely on Twitter. I would perhaps commend that more widely, and I hope my constituents get a look in from time to time. I thank my hon. Friend for that.

My hon. Friend hits the nail on the head when he talks about the importance of the services sector. Services are 80% of our economy. We are the world’s second largest services exporter. I used to sit at the EU Foreign Affairs Council on trade, and it was often difficult to get the EU to focus as well as it might have done on services possibilities. We now have an independent trade policy, which allows us to give services the focus that UK service companies and service providers deserve, and financial services are very much at the heart of that. We always make sure that our services offer is right at the forefront of our FTA talks and other bilateral trade talks.

Oral Answers to Questions

Robert Syms Excerpts

Thursday 21st April 2022 Commons Chamber

[Mr Jayawardena]

We have always been crystal clear that our food safety, animal welfare and environmental standards are not for sale.

[Sir Robert Syms (Poole) (Con)]

Can we have an update on our joining the trans-Pacific partnership? That is important not only because of the growing markets, but because of the international challenges, stability and defence in the region.

[Penny Mordaunt]

My hon. Friend is absolutely right; we have reached a major milestone on that accession process by moving to market access negotiations with that trade bloc. In addition to opening up a new market, this will also help us on such matters as maritime security and meeting the goals of the integrated review. CPTPP has strong rules against the unfair trade practice whereby some countries—China has been mentioned—give unreasonable advantages to state-owned enterprises or discriminate against foreign investors. Our vision for that part of the world has trade at its heart.

Oral Answers to Questions

Robert Syms Excerpts

Thursday 2nd December 2021 Commons Chamber

[Sir Robert Syms (Poole) (Con)]

14. What recent steps her Department has taken to increase the export of British financial services.

[Felicity Buchan (Kensington) (Con)]

15. What recent steps her Department has taken to increase the export of British financial services.

[The Parliamentary Under-Secretary of State for International Trade (Mike Freer)]

With colleagues in the Treasury, we are committed to championing export opportunities for our world-class financial services sector. We have done this through targeted export campaigns supporting specific UK financial services, as well as through signing ambitious free trade agreements that are reducing market access barriers and opening new doors for great British businesses to sell their services worldwide.

[Sir Robert Syms]

Financial services are so important to our economy, providing high-paid jobs and earning a substantial amount of revenue. We have done really well on our trade deals and it is vital that financial services are an important factor when we secure them. Will the Minister assure me that that is first and foremost in the Government’s mind?

[Mike Freer]

We share my hon. Friend’s ambition to ensure that the UK remains a global hub for services and digital trade, which is why we are striking a series of advanced, high-standard FTAs with leading nations around the world. We have already made progress: our FTA with Japan provides greater benefits for financial services than the EU-Japan FTA, and includes provisions to ban unjustified data localisation and to support regulatory co-operation. Our recently signed FTA with Australia also includes an ambitious financial services chapter that will enable businesses to build on the £800 million-worth of financial services exported to Australia in 2020. So, Mr Speaker, the answer is yes.