Transatlantic Trade and Investment Partnership — House of Commons, 2015-01-15
Topic: Foreign Trade
Robert John Walter (Conservative, Centre-right): It is a pleasure to follow the right hon. Member for Warley (Mr Spellar), who has made a convincing argument in favour of this trade deal. I support the motion of the hon. Member for Swansea West (Geraint Davies) because I, too, am a democrat and I believe in parliamentary scrutiny. I believe the European Commission should ensure the regular publication of documents on the state of the negotiations and they should include more detailed information on what TTIP is all about. The current information that is floating around is based on leaked, rather than officially released, documents and therefore on myths rather than on facts. As the motion suggests, this House—and the other place—should be closely involved in the process, and I hope that the Minister will reassure us that the Government are committed to it We must also encourage the European Parliament to pursue its involvement in the negotiations. I hope that the European Commission will live up to its promise to give Members of the European Parliament access to all the negotiation documents. I also hope that, in the forthcoming meetings between the United States and the European Union, the negotiation teams will take into consideration the concerns that we have raised. I hope that the European Commission will secure an agreement on safeguards for the highest environmental and consumer standards, which are already in place here in the European Union and in the United States. I am convinced that achieving a satisfactory compromise on both sides of the Atlantic is both possible and desirable. The European Union has already successfully established an internal market among its 28 member states, but bridging the space between the United States and the European Union by adapting common rules and standards while maintaining the highest levels of regulatory protection is a challenge. I do not believe that it is an impossible task, however Today’s debate should be about the substance of the transatlantic trade and investment partnership. It provides a once-in-a-lifetime opportunity to enhance the economic security and prosperity of the British people while at the same time making a real contribution to the welfare of the peoples of Europe, north America and beyond. I wholeheartedly believe in free trade, and I subscribe to the goal of global trade that is both free and fair. However, achieving that goal is a slow and grinding process. In my view, it will be many decades before there is any meaningful World Trade Organisation-led, top-down framework that we can call global free trade. That is because the parties involved range from the richest nations on the planet to the poorest, and from the prairie farmers of north America to the subsistence agriculture of sub-Saharan Africa If we truly believe in free trade, we should use the building blocks that we have today. The European Union is the world’s largest market, and we are part of it. It is the biggest building block in this equation. Let us consider the numbers. European Union GDP is 19.4% of world GDP, and United States GDP is 18.9% of world GDP, so together that makes nearly 40% of the world’s productive wealth. Between us, however, we still maintain some of the most stringent tariff and non-tariff barriers to trade. Below the wire, 30% of the European Union’s stock of foreign direct investment is in the United States, and 29% of the United States’ FDI is in the European Union I believe that this debate is a no-brainer. If we can create free trade across the Atlantic—with Canada as well, of course—and have a transatlantic trade and investment partnership, that will be good for world trade, for the United States, for Europe and for Britain. There are some who want us to turn our backs on all this and leave the European Union, and therefore leave a trade deal representing 40% of world GDP. The TTIP negotiations will not be easy, because there are many vested interests, as well as the many concerns that have prompted this debate today. I am optimistic that we can achieve this, however, because the prize is so great and the balance of power so favourable to a deal. Of course, as some eurosceptics would argue in spite of the hard facts, we would still be better off out and better off negotiating our own free trade deal with the US alone. That is a fantasy. Can the UK afford to squander the strategic and economic opportunity that is TTIP? I do not believe we can I reiterate my support for the Government’s commitment to keeping us firmly in the European Union, and for the Government’s commitment to making sure that these TTIP negotiations are a success. I believe this House should have a role to play in that.