HC Deb 20 January 1994 vol 235 cc753-4W
Mr. Jim Cunningham

To ask the President of the Board of Trade what affect the GATT agreement will have on EC regulations affecting British industry.

Mr. Needham

[holding answer 19 January 1994]: Certain changes in EC legislation will be needed to implement the EC's obligations under the GATT agreement. The main ones will be the changes in the common external tariff to give effect to the agreed cuts in tariffs on imports; and changes to EC rules on anti-dumping and countervailing duties to reflect the new GATT rules in these areas.

Mr. Jim Cunningham

To ask the President of the Board of Trade what assessment he has made of how GPT Ltd. will be affected(a) nationally and (b) in Coventry by GATT.

Mr. Needham

[holding answer 19 January 1994]: GATT will produce higher world economic growth through progressive trade liberalisation. This will lead to greatly increased opportunities for exporters and boost job creation, technological innovation and industrial development. Negotiations to secure improvements to the offers made in December are still under way and full details of the tariff cuts in individual sectors are not yet available.

Mr. Jim Cunningham

To ask the President of the Board of Trade on what criteria GATT will improve the prospects for British industry.

Mr. Needham

[holding answer 19 January 1994]: British exporters will benefit greatly from higher world growth, the opening up of overseas markets, improved trade rules and a more stable international trading environment. The average cut in bound tariff rates on exports of industrial products from the European Community to the United States is 49 per cent. and to Japan 57 per cent. British services exporters and innovators will benefit from the inclusion of services and intellectual property in the multilateral trading system for the first time.

The opening of new public procurement markets will also benefit British suppliers of goods and services. British industry will also benefit from the reduction of tariffs on imports of components and raw materials into the United Kingdom.