HC Deb 19 May 1993 vol 225 c236
12. Mr. Fabricant

To ask the President of the Board of Trade what plans he has to meet his counterparts in the Government of the Russian Federation to discuss bilateral trade.

Mr. Heseltine

Deputy Prime Minister Shokhin, with whom I established contact at the first meeting of the British-Russian steering committee on trade and investment in Moscow last September, and I attended a second meeting of that committee this morning. We plan to continue our talks tomorrow.

Mr. Fabricant

Does my right hon. Friend agree that business with the Soviet Union, or Russia as it is today, is well worth pursuing in the long term due to its huge resources in gold and oil? Regarding of the short term, my right hon. Friend's meeting this morning with Aleksandr Nicolaivitch Shokhin, what does he think will be the short-term benefits that will accrue?

Mr. Heseltine

I must crave the indulgence of the House, Madam Speaker. I was so carried away by the full explanation of where I have been today that I missed the important part of the question.

Madam Speaker

In that case we will have a question from Dr. Howells.

Mr. Fabricant

rose

Madam Speaker

Very well, but very quickly.

Mr. Fabricant

Thank you, Madam Speaker. Does my right hon. Friend agree that it is worth pursuing long-term prospects with Russia given its huge reserves of gold and oil? Given his meeting this morning with Aleksandr Nicolaivitch Shokhin, what short-term benefits does he believe will accrue?

Mr. Heseltine

I think that my hon. Friend, who has a considerable knowledge of these matters and a facility for articulating them, is right to ask the House this question. The conclusion that I draw is that we have much to gain in both the long and the short term.

Madam Speaker

It was worth a repeat performance.

Dr. Howells

Does the President of the Board of Trade agree that one of the greatest success stories of British exports to the former Soviet Union—to Kazakhstan and Russia—is that of British Gas? British Gas is deeply concerned that if it is broken up, as some propose it should be, it will no longer be large enough to be a world player and to take British exports to those countries.

Mr. Heseltine

The hon. Gentleman will realise that these matters are currently before the Monopolies and Mergers Commission. It would therefore not be appropriate for me to comment at this stage.