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Transatlantic Trade and Investment Partnership

Volume 564: debated on Tuesday 18 June 2013

8. What progress has been made towards agreeing a transatlantic trade and investment partnership between the EU and the US; and if he will make a statement. (160005)

The Prime Minister, together with President Obama and European Commission President Barroso, last night formally announced the launch of negotiations at the G8. This was fitting, given the UK’s leading role in getting the TTIP under way. This is a once-in-a-generation prize: the biggest bilateral trade deal in history.

An independent study by the Centre for Economic Policy Research has found that an ambitious EU-US free trade agreement could bring economic gains of £100 billion a year to countries in the EU. Will my right hon. Friend assure me that he will do everything in his power to bring about a successful agreement?

This is a top priority for the Government. Interestingly, not only would such a deal bring the benefits that my hon. Friend mentions to the EU, as well as similar benefits to the United States; it is also estimated to benefit the rest of the world, outside Europe and the United States, to the tune of £85 billion.

19. As we have heard, the agreement is potentially the biggest trade deal in history. Has the Foreign Secretary made any assessment of the benefits to Scotland of remaining part of the UK? (160017)

Order. That is extremely tangential to the question on the Order Paper, but a short, one-sentence reply will suffice.

The benefits to Scotland will be proportionate to the benefits to the UK and the EU, unless Scotland was so unwise as to leave both the UK and the EU at the same time.