§ 22. Sir William Elliott
asked the Secretary of State for Trade what measures are being taken to increase the effectiveness of the Organisation for Economic Co-operation and Development codes of liberalisation of current invisible operations and of capital movements; and 362W what progress is being made by the Organisation for Economic Co-operation and Development trade committee in developing an inventory of restrictions on international services transactions.
§ Mr. Parkinson
The OECD committee on capital movements and invisible transactions is continuously studying ways of improving the effectiveness of the OECD codes. As a pilot study for possible wider work the trade committee is cataloguing barriers to international transactions in construction engineering and consultancy services. We attach great value to this work. Invisibles are very important to us, accounting for no less than one-third of the total credits on current account. It is, therefore, in our interest for overseas barriers to our trade in these areas to be reduced, and if possible removed.