§ 15. Mr. Rookerasked the Secretary of State for Trade if he will make a statement regarding his policy on import substitution.
§ Mr. MeacherIt is a major objective of the industrial strategy, and of our agricultural and energy policies, to ensure that no opportunity is lost for the development of competitive domestic production.
§ Mr. RookerWill my hon. Friend accept that that is not a satisfactory answer? When will the Government introduce a positive policy of import substitution and not rely on the present industrial strategy, which is not working because it takes no account of manufactured and semi-manufactured goods?
§ Mr. MeacherMy hon. Friend should not be so dismissive about our industrial strategy. There are nearly 40 sector working parties covering 45 per cent. of our manufactured output. It is for the industry and the unions to come to decisions which they will implement—in other words, it is a matter for them rather than for the Government. They are now looking at objectives in terms of the share of domestic and overseas markets in the next three to five years. This is a policy of deliberate import substitution.
§ Mr. John GarrettDoes not my hon. Friend agree that import substitution is as important an aspect of trading policy as export promotion? Therefore, why does the Department of Trade consistently emphasise export promotion while at the same time systematically ignoring import substitution?
§ Mr. MeacherI agree with my hon. Friend, and that is why we have now set in hand this large exercise in industrial strategy. Although it will not have an effect in the immediate future, I expect that it will have an effect in the medium term.