Climate Crisis, Environment, European Union, House of Lords, Islamic Finance, Speeches, Trade

Trade Bill

Posted by Lord Sheikh

My Lords, I congratulate my noble friend the Minister on his appointment and excellent maiden speech. He brings a breadth of experience and expertise to your Lordships’ House.

I support this Bill, which, while being fundamentally about continuity, is also about redefining and strengthening our trading relationships across the world. Today, I am particularly interested in what this means for the emerging and frontier markets that are among our growing trading partners.

I have been actively involved in promoting trade and investment with other countries and have volunteered to deliver keynote speeches at multiple high-level ?conferences organised by DMA Invest in London, including with the Governments of Tunisia, Morocco, Sudan, Nigeria, Ethiopia and Papua New Guinea.

I have witnessed an appetite to do business with the United Kingdom on the part of overseas countries. Following my visit to Tajikistan last year, where I was a guest of our ambassador, we have begun organising the first Tajikistan summit for next year. We have a series of engagements with the Government of Nepal beginning with a great conference this month, and I would be pleased if my noble friend the Minister would accept my invitation to speak at it. We are also in discussion with two other embassies about the possibility of future events.

Over the past few years, the importance of economic co-operation and bilateral relations has become more prevalent. The UK is a leader in development and a powerhouse of trade and diplomacy. We have 280 overseas missions, including embassies and high commissions. On my visits overseas, I have seen how the DIT is increasingly geared to actively promote trade and deliver excellent training of people’s business skills.

Following the recent merger of DfID and the FCO, this Bill enables us to streamline our global strategy further, focusing in particular on how we can tackle the climate crisis, inequality and the pandemic collectively. This Bill will reflect our commitment to fair trade and improving access to markets for developing countries. We need to ensure that we have the correct tariffs to support the import of added-value products successfully and fairly.

In making it easier to do business, we cannot ignore our environmental commitments. We must promote green energy, the development of green technology and green skills. That is how we can inspire environmental incentives not just to maintain standards, but to improve them, and accelerate our environmentally friendly business activities in the UK and abroad. We have a great deal of knowledge and expertise on Islamic finance, and we must actively promote the industry overseas, which would result in mutual benefits. In this regard, I declare that I co-chair the APPG on Islamic finance.

In conclusion, the Trade Bill is about opportunity—the opportunity to achieve inclusive growth by building deeper partnerships with emerging markets, to strengthen our involvement internationally and to commit meaningfully to sustainability.


Link to full debate on Hansard.

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