§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what is the expected timetable for the completion of the EC negotiations with EFTA.
§ Mr. Sainsbury[pursuant to his reply, 8 July 1991, c. 256]: I am pleased to announce that at the Foreign Affairs Council (FAC) which I attended in Luxembourg with my hon. Friends, the Minister of State (FCO) and the Parliamentary Secretary (MAFF) on Monday 21 October, political agreement was reached to conclude the European Economic Area (EEA). The EEA will comprise the 19 member states of the European Community and the European Free Trade Association and is intended to enter into force on 1 January 1993. It will extend the general economic benefits of the single European market to some 375 million consumers enjoying a total GDP of nearly US$ 7,000 billion. I am confident that the United Kingdom will derive significant political and economic advantages from the creation of the EEA.
My right hon. Friend the Foreign Secretary will give the House a formal report on the FAC at the earliest opportunity.