CPTPP

Claire Coutinho Excerpts

Wednesday 21st April 2021 Westminster Hall

[Claire Coutinho (East Surrey) (Con)]

Thank you for calling me, Mr Chairman. It is a pleasure to serve under your chairmanship. I thank my hon. Friend the Member for Wycombe (Mr Baker) for bringing this important and exciting debate. The UK has always recognised the need to get ahead of the economic curve and the accession to the CPTPP will do that on two fronts. It will be part of the ambitious push towards free trade, which I will talk about later, but also delivers on our explicit foreign policy objective of tilting towards the Indo-Pacific. The Indo-Pacific is an area that I am passionate about, and I have been delighted to serve on the Policy Exchange on this issue. It is the fastest growing region in the world, and a core amount of our maritime interests are there. It is important to our national security in defending the rules-based order and our democratic principles.

Acceding to the CPTPP will be core to free trade for multiple reasons. First, in terms of scale, it accounts for 13% of GDP. If the US joins, which is entirely possible under the Biden Administration, it will account for over a third. I come back to the point about geography, which I do not completely buy, even for physical goods, as we have seen the rise of China and how that worked with exporting to the West, but also because the future of free trade will encompass digital trade. I commend the work of the Secretary of State in this area and the amazing progress she has made in securing seven out of 11 bilateral free trade agreements with the cohorts of the CPTPP. It is important to note that it is not just the Indo-Pacific—we have countries such as Canada, Mexico, and possibly the US joining. Alongside the delivery of our tilt to the Indo-Pacific, when fully implemented, the CPTPP will eliminate 98% of tariffs. Also, one of the best things is that it will bring about a standard set of rules of origin, meaning we could integrate our supply chain with the CPTPP. One of the beneficial ways that works is that 70% of our supply chain can be accumulated in any CPTPP country to account for the preferential tariffs received.

I come back to digital free trade, something that I have written about. The UK is a services superpower—the only country that exports more services is the US. The digital economy accounts for £150 billion of the UK economy. It is growing six times faster than the rest of the economy. It is important that the UK is at the front of pushing for ambitious digital provisions. That is at the centre of the CPTPP, which makes provisions for services, intellectual property and digital trade. It was not at the forefront of EU trade, so it will be really beneficial to the UK, particularly considering the shape of our economy—80% of our economy is based in services which employ 30 million people across the nation.

The UK is making great strides in this. I think the agreement with Japan accounts for the most ambitious digital provisions in the world, particularly on data localisation that means that expensive data centres abroad are not necessary, and we can use the brilliant ones here. We all know that data will be the fuel of the future. It will fuel our incredibly rich sectors, such as artificial intelligence and FinTech, which the UK excels at, and is why the CPTPP, given its shape, its geography and its importance in our foreign policy and strategic objectives, is exactly the right thing to pursue. I commend the Government in doing so.

Oral Answers to Questions

Claire Coutinho Excerpts

Thursday 14th January 2021 Commons Chamber

[Mr Jayawardena]

I thank the Chairman of the International Trade Committee for his question. I can be clear that we are firmly committed to upholding our high environmental, food safety and animal welfare standards now that we are outside the EU. Indeed, we have the agility and flexibility to enhance them where we believe that that is right. We can also go further on trade. That includes recently opening new opportunities for fish by securing approval from Brazil for seven new British fisheries facilities, which means that companies can now sell high-quality British fish to an import market that was worth almost £1 billion in 2019.

[Claire Coutinho (East Surrey) (Con)]

What progress she has made in securing continuity trade agreements.

[The Secretary of State for International Trade (Elizabeth Truss)]

We have agreed trade deals covering 63 countries plus the EU, accounting for £885 billion of UK trade. No other country has ever negotiated so many deals simultaneously.

[Claire Coutinho [V]]

I commend the Secretary of State for her work securing the most ambitious digital free trade provisions anywhere in the world. The digital economy is worth £150 billion to the UK economy, and it is growing five times faster than the rest of the economy. Could the Secretary of State outline the work that she is doing, to update businesses on these exciting new provisions, so that they can make the most of the new opportunities?

[Elizabeth Truss]

My hon. Friend is absolutely right to point out that digital trade is vital, and the UK is a world leader in technology. Our Japan deal goes well beyond the EU-Japan deal in areas such as the free flow of data, the commitment to uphold the principles of net neutrality and the ban on data localisation. We are negotiating similar provisions with Australia, New Zealand and Singapore, and we are looking to accede to the CPTPP, which has a very strong digital and data chapter. We also have a trade advisory group involving leading figures from the tech industry so we can make sure we have the most up-to-date information when we are negotiating these deals.

Global Britain

Claire Coutinho Excerpts

Monday 11th January 2021 Commons Chamber

[Claire Coutinho (East Surrey) (Con) [V]]

Today Britain is forging a new path as a sovereign nation state. We will stand by our long-held values of liberty, democracy and respect for human rights. We will work hard to support our European friends and neighbours and our allies around the world and will continue to stand by the world’s poorest. But we must also seize the opportunity of our new freedoms—the opportunity to cast Britain as an icon of an outward-looking modern state. To do that, we have to recognise the changing factors disrupting the world as we know it today. First, the world’s economic centre of gravity has shifted east, and the Indo-Pacific region is now the fastest-growing region in the world. Secondly, the rise of technology is profoundly changing how we live and work. Those who cannot keep up will lose out.

We need to prepare ourselves for the century ahead. We should be proud of the talents born across these islands of our shared achievements to date. We are the world’s fifth largest economy, with more Nobel prizes and world-leading universities than any European country. We are a diplomatic superpower and a nuclear power, and we benefit from our leadership roles in the UN Security Council and the G7. We have a leading global financial centre and we consistently attract the highest foreign direct investment in Europe. Along with China, the US and India, we are one of the top four breeding grounds for tech unicorns—those rare new companies that achieve billion-dollar valuations. However, the world does not stand still and nor can we. We must now use our hard-won freedoms to keep up with a changing world—the freedom to revise our regulations at speed to meet the pace set by the world’s brightest innovators, to strike new trading relationships that suit our distinct economic strengths and to spur on our specialist sectors.

Britain’s record on covid-19 vaccinations—vaccinating more people than the rest of Europe combined—has reminded us all of the importance of an ambitious and agile state that controls its own regulation. We can use progressive regulation to push new boundaries, from AI to fintech to life sciences to gene editing, and we can also be ambitious with our new global partnerships, particularly in the Indo-Pacific. Our new trading freedom means Britain can join the CPTPP. Already the largest trade agreement by population, if the US joins, it will be the largest economic free trade agreement in the world. We can do more to collaborate with our Indo-Pacific partners, from space development alliances to green finance to protecting our shared values. We are also the biggest funder of COVAX, the global vaccine alliance, which will ensure we can get at least 1 billion doses of coronavirus vaccines to more than 90 developing countries.

Through innovation and partnership, we are helping to get the vaccine to those who need it most, proving that an independent Britain is not only good for us, but good for our friends across the world. Indeed, that is a fitting first step for a new truly global Britain.

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (Accession)

Claire Coutinho Excerpts

Wednesday 17th June 2020 Commons Chamber

[Elizabeth Truss]

I could read to the hon. Gentleman the list of 11 countries—I assure him that many of them do not speak English as their main language, but that is not really the point. The point is that we want to be the centre of a global trading network. That network, of course, includes our friends and partners in the European Union. It includes the United States and the Americas. It includes the Asia-Pacific region as well. We can have all those things by creating this network of free trade agreements, and we are making rapid progress on that.

[Claire Coutinho (East Surrey) (Con)]

The Indo-Pacific region represents 50% of international trade and is the fastest growing region in the world. Does my right hon. Friend agree that being able to accede to the CPTPP, with all its opportunities for our strong services economy, highlights the Brexit benefit of having an independent trade policy that we can pursue on our own terms?

[Elizabeth Truss]

I completely agree with my hon. Friend. She is right that we are able to pursue this policy because we are not a member of the EU, and we are able to sign up to things, such as an advanced digital and data chapter, that the EU does not want to be part of. We have recently launched our new network of digital trade emissaries around Asia precisely to push the case of British business.