HC Deb 18 July 1957 vol 573 cc1332-3
38. Mr. Cronin

asked the President of the Board of Trade what will be the Government's policy in regard to priority for Commonwealth trade in the forthcoming international discussions on a European Free Trade Area.

Sir D. Eccles

The Government's policy remains as stated in paragraph 14 of the White Paper, Cmnd. 72, dealing with the Free Trade Area. As the Prime Minister said recently, we do not believe that there is any contradiction between our determination that inter-Commonwealth trade should grow and our proposal for freer trade in industrial products in Europe.

Mr. Cronin

Bearing in mind the Government's unwillingness to help Commonwealth investment and the economically abortive nature of the recent Commonwealth Conference, is there not a danger that the Government may fall between two stools and neither expand Commonwealth trade nor enter into the European Free Trade Area?

Sir D. Eccles

I do not accept what the hon. Gentleman says about Commonwealth investment. The Government are very anxious to increase it, but we cannot invest a deficit. It is necessary, therefore, to earn and save more.