Oral Answers to Questions
Debate between Ranil Jayawardena and Tom Randall(1 year, 10 months ago)
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Tom Randall (Gedling) (Con)
The Parliamentary Under-Secretary of State for International Trade (Mr Ranil Jayawardena)
Since 22 February, the Export Support Service has supported over 400 businesses and individuals wishing to export to Ukraine. To support British businesses, the Department for International Trade has expanded its Export Support Service to act as a single point of enquiry for businesses and traders with questions relating to the situation in Ukraine and Russia. The Department will continue to support business and traders during this period. Having a dedicated export support team ready to help at the end of the phone will help businesses to access the information they need at any time. Indeed, the Department runs Britain’s system of export controls and licensing. The export control joint unit is expediting urgent export licence applications for Ukraine.
Mr Jayawardena
On 10 May, Britain laid legislation to liberalise all tariffs on imports of Ukrainian origin. Those measures have reduced barriers faced by Ukrainian businesses and consumers in their time of need, making it easier to obtain essential goods and aid from Britain. In lockstep with our allies, we are introducing the largest and most severe economic sanctions that Russia has ever faced, with, for example, up to 60% of Russian foreign currency reserves currently frozen. Analysis shows that, as a result, Russia is heading for its deepest recession since the collapse of the Soviet Union.
Tom Randall
We have all seen on television the widespread devastation in Ukraine caused by Russia, so we know that its path to reconstruction will be a long one. What steps are the Government taking in planning and support of future rebuilding efforts in Ukraine?
Mr Jayawardena
The United Kingdom is exploring how she can support the Ukrainian Government’s reconstruction efforts. There may be opportunities for British businesses to contribute with their skills, technology and ingenuity. To that end, I am delighted that, tomorrow, the Under-Secretary of State for International Trade, my hon. Friend the Member for Finchley and Golders Green (Mike Freer), will host the Ukraine investment summit to bring together British companies who have expertise in reconstruction with Ukrainian decision makers to begin identifying opportunities for collaboration.
Oral Answers to Questions
Debate between Ranil Jayawardena and Tom Randall(3 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Tom Randall (Gedling) (Con)
The Parliamentary Under-Secretary of State for International Trade (Mr Ranil Jayawardena) [V]
This is an important question. Free trade agreements will certainly help Britain to bounce back from coronavirus, and will bring better jobs, higher wages, greater choice and lower prices to consumers and businesses across the country. That means that in the east midlands lower tariffs and barriers will help to diversify the supply chain and reduce reliance on any single country for businesses that seek to thrive in the new global trading network which we are going to be at the heart of.
Tom Randall
I am particularly pleased that we are now finally able to open direct negotiations with some of our oldest and closest allies. Will my hon. Friend tell me what steps the Government are taking to support businesses in the east midlands to make the most of the new opportunities created by these future trade agreements?
Mr Jayawardena [V]
As a newly independent trading nation, we will be able to champion free trade, fight protectionism and remove barriers at every opportunity. That includes tariffs. We will be trading on British terms with our new global tariff, which will cut red tape and cut costs for consumers and businesses in Gedling and in the region. My Department and our experienced international trade advisers will continue to support companies across the east midlands access exporting opportunities, and to provide export credit and insurance through UK Export Finance.