Commons Sense

House of Commons · Ministers' Questions

Trade Deals

Thursday 29 June 2023 · 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 2 Partly answered 0 Not answered 0

Key points

  • We have secured trade deals with 70 countries since 2019, including the EU.
  • The post-Brexit developing countries trading scheme covers 65 developing countries and 3.3 billion people.
  • The UK's offer is more generous than the EU's in terms of market access for least developed countries.

Topics (select to filter)

Questions & Answers

Q1 Luke Evans Con Hinckley and Bosworth
Business & Trade
Context

The question follows a period of increased scrutiny on the UK's trade performance since Brexit. It aims to quantify the impact of these agreements.

Question

How many trade deals have been agreed since 2019?

Answer from Kemi Badenoch

We have secured trade deals with 70 countries, including the EU, since 2019—partners that accounted for £1.1 trillion of UK bilateral trade in 2022. As I mentioned earlier, in March we concluded negotiations with the comprehensive and progressive agreement for trans-Pacific partnership, the UK's biggest trade deal since Brexit. In addition, we have signed five new comprehensive trade deals tailored to the UK—those with Japan, Australia and New Zealand; a groundbreaking digital economy agreement with Singapore, and a digital trade agreement with Ukraine—as well as the programme of 63 non-EU continuity agreements.

Answered
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Q2 Luke Evans Con Hinckley and Bosworth
Economy Brexit Business & Trade
Context

This question follows the mention of a post-Brexit trade initiative aimed at developing nations. It seeks to understand specific advantages for UK businesses and consumers.

Question

The post-Brexit developing countries trading scheme, which covers 65 developing countries and 3.3 billion people, what are its benefits for businesses and consumers in Hinckley and Bosworth, and the UK? Is it more generous than the EU scheme?

Answer from Kemi Badenoch

I can confirm that our offer is now more generous than what the EU offers in terms of market access—for example, we allow the least developed countries to source raw materials from other markets and still import goods tariff-free. Overall, my hon. Friend's constituents will be pleased to know that the trade preferences in the developing countries trading scheme reduce import costs by more than £770 million a year. That is key because it helps to reduce prices and increase choice for UK businesses and consumers, and to tackle inflation, particularly for the highest-sold items such as clothes and food.

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