Japan Free Trade Agreement

Viscount Trenchard Excerpts

Thursday 17th September 2020 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

Again, I thank the noble Lord for his comments. There is a specific SME chapter in this agreement. It goes further than the previous EU chapter and the whole intent of that chapter is to make it easier for our SMEs to trade with Japan. Further details will be available on that in due course. I have not seen any assessment in relation to the EU of the sort that he mentioned, and I dare say that it has not been thought necessary because of the overwhelming view in this country that we should leave the European Union, which indeed we did on 1 January this year.

[Viscount Trenchard (Con)]

My Lords, I declare my interests as stated in the register. I am delighted that we have agreed a free trade agreement with Japan and strongly welcome the Statement made in another place by my right honourable friend. As the Secretary of State said, the deal will

“unleash a new era of mutually beneficial economic co-operation with our great friend Japan”.

Against this background, does the Minister agree that it is a great disappointment that Hitachi decided yesterday to change the status of the Horizon nuclear power station project at Wylfa and Oldbury from suspended to cancelled? It is of some comfort that Hitachi has said that it will keep the lines of communication open with government and other key stakeholders regarding future options at both our sites. Can my noble friend confirm that the Government have sent an urgent message to the Government of Japan and Hitachi that they want strongly to work together to find a way of reviving this important project in the interests of all stakeholders?

[Lord Grimstone of Boscobel (Con)]

I thank my noble friend for his comments about the agreement and I am well aware of his great expertise in Japan. As the Minister for Investment, of course it is always a matter of great regret for me if a major company decides not to pursue an investment opportunity in the United Kingdom. My noble friend will realise that nuclear has a huge number of manifestations; these are very large decisions that companies will take. We have maintained contact with Hitachi throughout the process. I believe that this was a decision by the Hitachi board. I have no information in what circumstances it might choose to revisit that decision, but I will say that I have huge admiration for Hitachi. I have spoken to Hitachi at the most senior levels on a number of occasions, and we would always welcome any investment from Hitachi into the United Kingdom.