Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government which, if any, of the Expert Trade Advisory Groups continue to exist; and how the remaining Groups will work alongside the trade advisory groups announced in July.
Answered by Lord Grimstone of Boscobel
The following “Expert Trade Advisory Groups” continue to exist at the present time: Continuity; Customs; Financial Services; Intellectual Property; Procurement; Small and Medium-Sized Enterprises (SMEs); Sustainability; and Trade for Development.
The review of how these groups will continue to operate within the Department for International Trade’s broader engagement is ongoing.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government how the trade advisory groups will interact with the Strategic Trade Advisory Group; and what the remit of each group is.
Answered by Lord Grimstone of Boscobel
The two groups serve different purposes.
The Strategic Trade Advisory Group (STAG) provides a forum for high-level strategic discussions between HM Government, and a cross-section of interests from all parts of the UK on trade policy matters.
The Trade Advisory Groups’ principal purpose is to provide the blend of strategic and technical expertise required to ensure the United Kingdom’s trade negotiations are able to progress at pace.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what assessment they have made of progress with the United Nations Economic and Social Commission for Asia and the Pacific paperless trade initiative.
Answered by Lord Grimstone of Boscobel
HM Government welcomes the efforts made by the participants of the United Nations Economic and Social Commission for Asia and the Pacific paperless trade initiative.
Paperless trading enables businesses to confidently conduct transactions online and administrative processes are made more efficient and transparent. The COVID-19 pandemic has further illustrated the growing importance of digitising trade processes.
The United Kingdom is keen to learn from this initiative and maximise opportunities for digital trade across all sectors of the economy.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government whether they undertake impact assessments to inform any trade deal negotiations.
Answered by Lord Grimstone of Boscobel
HM Government undertake a wide range of impact analysis to inform the negotiations of our trade agreements. We are committed to publishing scoping assessments prior to the launch of negotiations and to publishing our impact assessments following the outcome of negotiations.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have to consult (1) consumers, (2) non-governmental organisations, (3) unions, and (4) civil society groups, on their negotiations with the government of the United States.
Answered by Lord Grimstone of Boscobel
The Department for International Trade’s (DIT) negotiating objectives for a Free Trade Agreement with the US was informed by one of the largest consultations in HM Government history, with 158,720 respondents. This included responses from unions, civil society groups, other non-governmental associations, and individual respondents.
The details on how this consultation contributed to our negotiating objectives were published on 2 March, available here: https://www.gov.uk/government/publications/the-uks-approach-to-trade-negotiations-with-the-us.
Throughout negotiations, the UK Negotiating team has consulted, and will continue to consult, a broad range of experts via advisory groups set up by DIT. This is in addition to a range of other engagement mechanisms, including roundtables and bilateral conversations.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have to improve access to trade finance; and what assessment they have made of the need for a review of small and medium enterpresise (SME) capital weighting requirements for SME lending, differentiating the risk weighting for low risk trade finance from other forms of higher risk finance.
Answered by Lord Grimstone of Boscobel
The Government supports trade finance through UK Export Finance (UKEF), whose mission is to ensure that no viable UK export fails for lack of finance or insurance. UKEF keeps its trade finance products under regular review and is making several improvements this year. In January 2020, UKEF and its bank partners agreed updated legal documentation for trade finance products to streamline processes and make it easier for the banks to access UKEF’s guarantee and support greater volumes of lending. More operational improvements will be rolled out in the Autumn to improve efficiency for banks accessing UKEF’s existing working capital and bond support products and ensuring more deals are approved in shorter timescales.
Following an announcement made by my Rt Hon. Friend the Chancellor, UKEF will shortly launch its General Export Facility to support exporters seeking general working capital from their banks. We expect this product to make UKEF’s support accessible to a much wider pool of exporting companies, as eligibility is widened beyond support for specific export contracts.
UKEF works closely with other parts of government, including the British Business Bank, on access to finance for small and medium-sized enterprises (SMEs) and is actively engaging with non-bank providers of trade finance to ensure that there are alternatives available to SME exporters with a viable proposition who are not able to access the finance they require from the high street banks. UKEF is exploring how partnerships with non-bank financial institutions might help improve access to trade finance for smaller exporters.
Capital requirements are a matter for the Prudential Regulation Authority and HM Treasury.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government for a list of all UK development funded capacity building projects contributing to improving the international trading environment.
Answered by Lord Grimstone of Boscobel
Across HM Government – through our development budget – departments work together to help partner countries increase their trade and export driven economic growth, and secure benefits for those currently living in poverty.
For example, through our Trade and Investment Advocacy Fund, Manufacturing Africa programme and our funding to the World Bank, we are supporting countries to better understand the impacts of COVID-19, design their policy response accordingly, engage in the WTO and ease the passage of goods across borders.
All aid spending can be found at: bit.ly/3iCFRME.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have to integrate the United Nations Sustainable Development Goals into (1) trade policy objectives, and (2) trade negotiations.
Answered by Lord Grimstone of Boscobel
The UK has long supported the delivery of the UN Sustainable Development Goals and this will continue as an independent trading nation.
For example, we are committed to upholding the UK’s high environmental standards and HM Government has made clear that we will not compromise on these.
As set out in the Manifesto, our trade deals will also be fair for developing countries. This is why we are seeking to ensure Free Trade Agreements with our partners consider impacts on developing countries.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have to involve (1) chambers of commerce, and (2) trade associations, in the implementation of their international trade policies.
Answered by Lord Grimstone of Boscobel
The Department engages with other British businesses directly and others, including Trade Associations and the British Chambers of Commerce. This will support utilisation of trade preferences and other opportunities offered by the trade agreements we are working to secure.
In addition, Trade Advisory Groups (TAGs) have recently been launched, which include representation from Trade Associations and provide a blend of strategic and expert advice on trade matters.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government when they intend to publish (1) each of Her Majesty's trade commissioners' latest annual reports setting out the strategy, objectives and overarching priorities for each delegated region, and (2) the budgets supporting the delivery of those objectives.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
Her Majesty’s Trade Commissioners work as an integral part of the Department for International Trade, which produces its annual report and accounts every June or July.