CPTPP: Conclusion of Negotiations

Viscount Stansgate Excerpts

Wednesday 19th April 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am always grateful to my noble friend for his eloquence. He is a very difficult act to follow, even though his question is so true to my heart. I am afraid I will not be drawn into suggesting who should potentially be admitted into the CPTPP because we are not yet members, but as I said, I am delighted that this entire organisation acts as beacon of free trade around the world. We want more countries to see the world through the lens of us and our aligned partners. I very much support, conceptually, many of my noble friend’s comments and I thank him for his support in this House and for continually making sure that the torch of free trade is held high in this place.

[Viscount Stansgate (Lab)]

My Lords, the Minister complained earlier of having been insufficiently appreciated for this Statement, but I am more than happy to congratulate him for including in his answer the comments of one of Abraham Lincoln’s most distinguished Cabinet members.

I want to ask a brief question about Vietnam which has, in part, been asked already by the noble Lord opposite. The Statement refers to Vietnam particularly with regard to legal and other services. Can the Minister explain in more detail what else the Government are expecting to get out of enhanced arrangements and trade with Vietnam, in addition to the arrangement we already have?

[Lord Johnson of Lainston (Con)]

I am grateful to the noble Viscount. I was not asking for praise for myself or enthusiasm for my own actions, but enthusiasm for the actions of the Secretary of State, the department and this Government in pursuing this noble free-trade policy, which will ultimately enrich us all and make us safer.

The noble Viscount asks very sensible questions about the specificity of our relationship with Vietnam regarding the CPTPP. As I have said, the CPTPP contains a large number of chapters that will allow us more effectively to achieve market access for our goods, and with greater haste. In my view, that is in itself a very positive point. I have touched on some of the other aspects that apply broadly to the CPTPP, and I am happy to repeat the statistic I was sent this morning, although I cannot guarantee its legitimacy. Maybe I should declare an interest, to some extent: I have personal financial shareholdings in companies that invest in these countries, although I am not involved in them directly, as noble Lords can imagine. Vietnam is forecast to grow faster than any major country on earth between now and 2050. I would have thought any arrangement that allows us access to a market of that dynamic nature must be a positive for this country.

If we consider our long-term security and the importance of diversifying our supply chain and looking at how our supplying countries interact with us, I cannot think of any more powerful ally than Vietnam in this instance. I look forward to visiting that nation and seeing if we can encourage investment from there into the UK.