Commons Sense

House of Commons · Ministers' Questions

UKUS Trade Agreement: SMEs

Thursday 5 March 2020 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 1 Not answered 0

Key points

  • Katherine Fletcher asked about the potential economic benefits to SMEs from a UK-US trade agreement.
  • The response mentioned that 30,000 SMEs already trade with the US and a dedicated SME chapter is being sought in the new free trade agreement.
  • The Secretary of State agreed with Fletcher that pushing for a trade deal benefiting businesses of all sizes, including Leyland Exports, is crucial.

Topics (select to filter)

Questions & Answers

Q1 Katherine Fletcher
Business & Trade
Context

The question is prompted by the potential economic advantages for small and medium-sized enterprises (SMEs) in trading with the United States.

Question

What recent assessment has been made of the potential economic benefits to small and medium-sized enterprises of a trade agreement with the US?

Answer from Elizabeth Truss

Some 30,000 small and medium-sized enterprises already trade with the United States. In the new free trade agreement, we will be asking for a dedicated SME chapter that removes customs red tape, does more stuff online and makes it much easier for our fantastic small businesses to trade with the United States.

Partly answered

Not addressed: The specific assessment requested is not provided; instead, general benefits are outlined.

How: Does More Stuff Online

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Q2 Katherine Fletcher
Business & Trade
Context

The question is prompted by the potential benefits for businesses in South Ribble, including Leyland Exports, from a free trade agreement with the USA.

Question

Many businesses in South Ribble stand to benefit hugely from a free trade agreement with the USA—not least Leyland Exports, a commercial vehicle and silicone hose specialist. Does the Secretary of State agree that we must push hard to secure a free trade deal that benefits businesses of all sizes in all regions, and supports supply chains?

Answer from Elizabeth Truss

My hon. Friend is right. I understand that Leyland Exports can face up to 25% tariffs on the export of goods vehicles to the United States, and 5% tariffs on its exports to Australia. In the free trade agreements we are looking for from the United States and Australia, one of our key asks will be to get rid of those tariffs, and to make it much easier for the car industry—by reducing testing and red tape—to ensure that we can get our fantastic exports into those markets.

Answered
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