Informal European Council

Lord Johnson of Marylebone Excerpts

Tuesday 31st January 2012 Commons Chamber

[The Prime Minister]

My hon. Friend makes an important point. Of course the eurozone countries want to see rules on fiscal discipline, but as I have said many times, it is not just fiscal deficits that have to be addressed, but trade deficits, and that is where the single market agenda can help not only countries such as ours, but theirs too.

[Joseph Johnson (Orpington) (Con)]

I welcome the Prime Minister’s commitment to trade deals with fast-growing parts of the world. An ambitious trade deal between the EU and India, which would help us double our trade with India by 2015, has eluded negotiators since 2007. Does he agree that next week’s EU-India summit in Delhi should see a clear timetable for the delivery of an ambitious deal as soon as possible?

[The Prime Minister]

My hon. Friend is entirely right, and I know that he has a lot of experience in this sphere. We are totally committed to trying to get this free trade agreement going. I think that there are real opportunities for both sides. I have mentioned the fact that we want to open up retail and services in banking and insurance in India. Frankly, we will have to do quite a lot of work to convince the Indians that that is in their interests too, but I profoundly believe that it is, as they want to be a rapidly growing success story of the future.