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

Sarah Olney Excerpts

Wednesday 17th June 2020 Commons Chamber

[Elizabeth Truss]

My hon. Friend make an extremely important point. One benefit of CPTPP is that it is a free-trade, high-standards arrangement with countries that follow the rules. We want to create alliances with like-minded allies across the world, and ensure that that is the way the world trade system operates. It is also important to diversify our trade, so that we are not dependent on single countries or regions for imports, or for where we export to. We must have options as a country, and be able to work with those who share our values.

[Sarah Olney (Richmond Park) (LD)]

Many people in my party have long had their suspicions about the extent of the Government’s plans after Brexit, but I do not think that any of us, even in our wildest dreams, imagined that leaving Europe meant relocating to the Pacific. Given that the Government have such limited time and bandwidth while dealing with the pandemic, is this the right time to be entering into negotiations to join a partnership that currently represents just 8% of our exports? We are still a long way from agreeing a trade partnership with the EU, which represents 45% of our exports. What are the Government’s priorities?

[Elizabeth Truss]

As we seek to recover from coronavirus, it is incredibly important that we protect and expand our exports, which represent 31% of the UK economy and include vital industries such as the steel industry, the car industry and the food and drink industry. We must find new markets for those exports and link to fast-growing parts of the world. We must also protect against protectionism. One of the benefits of signing free trade agreements is avoiding tariffs on our goods and services, and CPTPP represents 13% of the global economy—16% if we add the UK—and includes fast-growing parts of the world. At a time when we are seeking to revive the economy, this is exactly the type of agreement we should be joining. In parallel, of course, we are negotiating with the EU to secure a good agreement with it. It is not an either/or; we need to be trading with all the world.