Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what meetings (a) he and (b) Ministers of his Department have had with (i) UK and (ii) international businesses on the Prosperity Fund since 2015.
Answered by George Hollingbery
My Rt. Hon. Friend for Chelsea and Fulham (Greg Hands), the former Minister of State for Trade Policy and my Noble Friend, the Minister of State for Trade and Export Promotion (Baroness Fairhead) hosted a roundtable discussion at the Prosperity Fund Business Forum on 20 June 2018 which was attended by UK businesses only. My Rt. Hon. Friend for Chelsea and Fulham also spoke at a wider session at the Business Forum to UK businesses. His speech can be found at https://www.gov.uk/government/speeches/greg-hands-the-best-and-most-sustainable-way-out-of-poverty-is-through-trade . DIT Ministers regularly meet with businesses to promote UK exports and signpost UK businesses to international opportunities, including opportunities created by the Prosperity Fund.
Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what steps his Department is taking to ensure that Prosperity Fund expenditure by his Department meets the legal basis for ODA spending as set out in the International Development Act 2002.
Answered by George Hollingbery
The legal underpinning of the Prosperity Fund is the International Development Act (2002). Activity supported by the fund is primarily focussed on achieving growth outcomes for the partner country and the design of any potential Official Development Assistance (ODA) spending through the fund must meet this requirement. The Department for International Trade does not at present spend Prosperity Fund money, however should the Department start spending ODA, it will follow legal advice to ensure it meets the stipulations of the act.
Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, by what criteria the Prime Minister’s trade envoys are appointed.
Answered by Graham Stuart
Decisions on the appointment of Trade Envoys are made by the Prime Minister. Trade Envoys are parliamentarians drawn from across the political spectrum and both Houses. Trade Envoys are appointed to engage with one or more emerging markets where the Department for International Trade (DIT) has identified substantial trade and investment opportunities and where there is a need for high level engagement to drive these forward.
Since the programme was launched in 2012 the cumulative cost has been £676,691. This is a non-paid voluntary role and these costs relate to travel and subsistence for the role.
Prime Minister’s Trade Envoys are asked to report back to my Rt. Hon. Friend the Secretary of State for International Trade after each visit they undertake in the role. DIT teams based in the Trade Envoy markets, also collate any business successes the Trade Envoys have been involved with, which is reported back on a quarterly basis. In 16/17 Trade Envoys contributed towards £15.5bn in export wins in their markets.
Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what the cost to the public purse has been of the Prime Minister’s Trade Envoy scheme to date.
Answered by Graham Stuart
Decisions on the appointment of Trade Envoys are made by the Prime Minister. Trade Envoys are parliamentarians drawn from across the political spectrum and both Houses. Trade Envoys are appointed to engage with one or more emerging markets where the Department for International Trade (DIT) has identified substantial trade and investment opportunities and where there is a need for high level engagement to drive these forward.
Since the programme was launched in 2012 the cumulative cost has been £676,691. This is a non-paid voluntary role and these costs relate to travel and subsistence for the role.
Prime Minister’s Trade Envoys are asked to report back to my Rt. Hon. Friend the Secretary of State for International Trade after each visit they undertake in the role. DIT teams based in the Trade Envoy markets, also collate any business successes the Trade Envoys have been involved with, which is reported back on a quarterly basis. In 16/17 Trade Envoys contributed towards £15.5bn in export wins in their markets.
Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what process is in place to assess the (a) performance and b) value for money of the Prime Minister’s Trade Envoys.
Answered by Graham Stuart
Decisions on the appointment of Trade Envoys are made by the Prime Minister. Trade Envoys are parliamentarians drawn from across the political spectrum and both Houses. Trade Envoys are appointed to engage with one or more emerging markets where the Department for International Trade (DIT) has identified substantial trade and investment opportunities and where there is a need for high level engagement to drive these forward.
Since the programme was launched in 2012 the cumulative cost has been £676,691. This is a non-paid voluntary role and these costs relate to travel and subsistence for the role.
Prime Minister’s Trade Envoys are asked to report back to my Rt. Hon. Friend the Secretary of State for International Trade after each visit they undertake in the role. DIT teams based in the Trade Envoy markets, also collate any business successes the Trade Envoys have been involved with, which is reported back on a quarterly basis. In 16/17 Trade Envoys contributed towards £15.5bn in export wins in their markets.
Asked by: Judith Cummins (Labour - Bradford South)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what assessment he has made of the trends of UK inward and outward direct foreign investment between 2016 and 2017.
Answered by Graham Stuart
2016/17 was a record year for FDI projects coming into the UK. There was also an increase in inward FDI stock from 2016 to 2017 (OECD, FDI in Figures 2018). Both of these indicators demonstrate the attractiveness and stability of the investment environment in the UK.
UK outward FDI was £37 billion in 2016 (ONS), it is estimated that this has increased to £78 billion in 2017 (UNCTAD provisional estimate).