Lord McNicol of West Kilbride
Main Page: Lord McNicol of West Kilbride (Labour - Life peer)Department Debates - View all Lord McNicol of West Kilbride's debates with the Department for Business and Trade
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Lord Stockwood (Lab)
The confidence that I am trying to relay is not unfounded. As we saw from last week’s announcements, part of the macroeconomic situation that we are trying to turn around has seen inflation fall and the largest recorded government surplus since the 1990s. That is the overall message that we are trying to relay. In terms of specific industries, the negotiations are ongoing. I do not have the specific numbers to hand, but I remind the House that, globally, we have the most preferential deal with the rates that we have secured for industries, and we will continue to fight on behalf of British business.
Lord McNicol of West Kilbride (Lab)
My Lords, one way to deal with this issue is by the acceleration of the free trade agreements. Under the last Government, we had agreements with New Zealand, Australia and then the CPTPP. Under this Government, we have accelerated those agreements. The Minister mentioned the six Gulf states and the GCC free trade agreement. Is there any update on the GCC FTA negotiations and what comes next?
Lord Stockwood (Lab)
My noble friend raises a really important question about our current trading relationship based on the new world order that we find ourselves in. I do not have a specific update on the GCC deal; my noble friend knows that I was out there a couple of weeks ago, and we are incredibly close to an agreement. I should like to reassure the House that, in my travels around the globe, I find that we are still seen as a major place for investment globally. We have competitive advantage in our industrial strategy, in our rule of law and in our talent base. The trade deal that we did with India was significant, and the trade deal with the US remains the first and best trade deal that the US has negotiated. While this weekend has thrown up some bumps in the road, we remain confident. The negotiation with the Gulf states is ongoing but remains very positive, and we hope to have some good news in the coming weeks.