§ Mr. Soamesasked the Secretary of State for Trade and Industry what steps he is taking to promote trade with the Soviet Union.
§ Mr. ChannonI take every opportunity to encourage United Kingdom firms to seek business in the USSR, which represents a challenging but promising market. The Department of Trade and Industry provides advice and assistance to companies and will be drawing their attention to promising areas highlighted in the five-year plan. Many companies are currently bidding for major projects in the USSR. The overseas project fund is available to support them, while ECGD is currently considering flexible financing packages for these projects. The BOTB offers financial and administrative support for missions and exhibitions. The Department provides a grant-in-aid to the East European Trade Council, the area advisory group which covers the Soviet Union. Attempts are being made to agree an early date for the next session of the Anglo-Soviet joint commission and for the signature of a new programme for economic and industrial co-operation, an important document which highlights sectors and products where we and the Soviet Government have identified the best opportunities for collaboration. I have every hope that Mr. Gorbachev's target of a 40–50 per cent. increase in trade can be achieved over the next few years.
§ Mr. Nicholas Wintertonasked the Secretary of State for Trade and Industry what information he has regarding the approach of the United States' Administration towards renewal of the multi-fibre arrangement.
§ Mr. Channon[pursuant to his reply, 27 November 1985]: The United States have stated that they consider 627W that the MFA should be renewed but as far as I am aware they have not yet determined their detailed policy approach.