Oral Answers to Questions

Debate between Steve Baker and Liam Fox

Thursday 13th September 2018 Commons Chamber

[Dr Fox]

The CPTPP states currently account for more than 13% of global GDP—they comprise a combined GDP of around $11 trillion. Their economies are projected to grow to more than $14 trillion by 2023. It is self-evident that if Britain is able to take advantage of growing markets, a country that has a much more ambitious export strategy can benefit hugely. Malaysia will be able to take advantage of the improvement in our bilateral trade.

[Mr Steve Baker (Wycombe) (Con)]

12. To what extent is our accession reflected in the work programme of the Board of Trade? Will the board make it a priority to begin the formal process of our accession to CPTPP?

[Dr Fox]

The work of the Board of Trade is primarily about supporting exports and investment. The board itself does not have a role in trade policy, but the Department is fully co-ordinated with partners across the CPTPP and ready to discuss with them the great potential that exists for the United Kingdom. We should want to extend our trading horizons as we leave the European Union. We need to raise our ambitions, extend our timelines, and widen our geographical horizons if we are to maximise the benefits to the UK of the opportunities that Brexit will bring.