Asked by: Lord Kinnock (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government whether any assurances about access to markets and component supplies following the UK's departure from the EU were given by the Prime Minister to senior representatives of Japanese vehicle manufacturing companies and other commercial concerns in their meeting at 10 Downing Street on 8 February; and if so, what they were.
Answered by Baroness Fairhead
The automotive sector including Japanese companies is of crucial importance to the UK economy. The Government recognises the importance of frictionless trade for the sector, with its globally integrated supply chains and just-in-time production models. At the meeting the Prime Minister reaffirmed the Government's commitment to securing a new deep and special partnership with the EU. She reiterated her agreement with Japan's Prime Minister to a UK-Japan trade agreement following EU exit. Businesses present agreed on the importance of the time-limited implementation period in providing clarity and certainty, and of moving quickly in the negotiations to secure a trading relationship thereafter with the EU that is as tariff-free and frictionless as possible. The Prime Minister committed to maintaining a constructive dialogue between Government and business as EU exit negotiations progress.
Asked by: Lord Kinnock (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what impediments, if any, to conducting trade with China were identified in the course of the Prime Minister’s recent trade promotion visit to China as being caused by the UK’s current membership of the EU.
Answered by Baroness Fairhead
The Prime Minister on her recent trip to China led a 50-strong business delegation spanning the UK's key sectors, and clinched over £9bn in commercial deals which will create 2,600 jobs for the British economy. Our exit from the European Union offers an unprecedented opportunity to reshape our independent trading ambitions and build on our already strong trading relationships with countries such as China.
Following the launch of the UK-China trade review during the PM's visit, this department and our counterparts in China will look to identify areas where we can build stronger trade links now, as well as prepare for future trade agreements with China better suited to the interests of both countries, as well as preparing for any future trade agreements with China, once we have left the EU.
Asked by: Lord Kinnock (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what was (1) the number, and (2) the potential value, of commercial deals concluded between UK companies and Chinese concerns in the course of the Prime Minister’s recent trade promotion visit to China that were the subject of (a) definitive commitments by the government of China, and (b) memoranda of understanding or similar non-binding declarations of intention.
Answered by Baroness Fairhead
During the Prime Minister’s visit to China, commercial deals worth over £9.8bn were announced, with at least 2600 jobs created. Of these deals, the vast majority were between UK and Chinese companies and did not require commitments from the Chinese Government.
Commercial Memoranda of Understanding involving Chinese Government bodies were signed between: Canary Wharf Group, Bank of China and the Xiong’An Government (through its subsidiary Xiong’An Construction Investment Group) for a ‘Financial and Technology City Project’ in Xiongan New Area; China Development Bank and Standard Chartered Bank on a 10 billion RMB or equivalent Belt and Road Initiative Loan; National Centre for Entrepreneurship in Education and the Hubei Department of Education.
Asked by: Lord Kinnock (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what proportion of UK exports are to those countries with which the EU has existing free trade agreements, or with which the EU has concluded draft free trade agreements.
Answered by Baroness Fairhead
In 2016, UK exports of goods and services with countries with which the EU has existing free trade agreements, or with which the EU has concluded draft free trade agreements, accounted for 17% of the value of total UK exports to the world (equivalent to £92bn exports out of a total of £547.5bn).
Free trade agreements are only one of the channels that can impact the volume of trade. The Department for International Trade is committed to ensure continuity in trading relationships that we are currently party to as an EU member.
Source: ONS Pink Book, published in October 2017.
[Please note there is no data available for Monaco]