Oral Answers to Questions

Debate between Suella Braverman and Liam Fox

Thursday 23rd March 2017 Commons Chamber

[Suella Fernandes (Fareham) (Con)]

4. What assessment his Department has made of the effectiveness of the WTO trade facilitation agreement.

[The Secretary of State for International Trade and President of the Board of Trade (Dr Liam Fox)]

The World Trade Organisation agreement on trade facilitation entered into force on 22 February 2017 once two thirds of WTO members had accepted the new agreement. This is a very significant event. Once fully implemented, the agreement could add more than £70 billion to the global economy, and of that we expect a benefit to the UK of up to £1 billion.

--- Later in debate ---

[Dr Fox]

There is a difference between some of the agreements mentioned, which are bilateral agreements, and WTO tariffs that largely apply to goods. We hope to get a comprehensive agreement with our European partners across all the sectors that my hon. Friend mentions so that we will see no interruption to the business as we have it today.

[Suella Fernandes]

The WTO trade facilitation agreement’s coming into force last month brought about great reforms such as reducing fees on imports and exports and quickening clearance procedures. What impact will the reforms have on UK businesses that are importing and exporting?

[Dr Fox]

UK exporters in particular will benefit from the customs reforms being introduced, and implementing the agreement will reduce delays at the borders of participating members and improve the trading environment for businesses engaging in international trade, making it easier and cheaper for UK businesses to export their goods across the globe.