Baroness Royall of Blaisdon
Main Page: Baroness Royall of Blaisdon (Labour - Life peer)Department Debates - View all Baroness Royall of Blaisdon's debates with the Department for Business and Trade
(1 day, 12 hours ago)
Lords ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Lord Stockwood (Lab)
I will have to come back to the noble Lord on that question. The pharmaceuticals deal was for medical exports to the US for at least three years.
Baroness Royall of Blaisdon (Lab)
My Lords, while we welcome the industrial strategy that was mentioned by my noble friend the Minister, does he agree that, in these deeply uncertain times when there is much instability, the reset with the European Union on which our Government have embarked grows in importance by the day?
Lord Stockwood (Lab)
As I mentioned, the cool-headed approach that the Government are taking includes many of our global trading partners. It is worth reminding the House that, while the US is a critical trading partner, with £330 billion of bilateral trade, the EU makes up 40% of our global trade and is an incredibly important partner, so those negotiations are ongoing. We have to redefine our position in the world, not just with the EU but as we have done with our trade deal with India and as we are doing with the Gulf states et al. It is undeniable that our relationship with Europe will be critical to our economic growth over the coming decades.