§ 31. Mr. FabricantTo ask the President of the Board of Trade what are the prospects for bilateral trade and capital investment between(a) the UK and the USA and (b) the UK and Australia; and if he will make a statement. [15054]
§ Mr. LangThe prospects for bilateral trade and capital investment between the United Kingdom and both overseas markets are excellent. Exports of goods to the United States reached £19.8 billion in 1996 and to Australia £2.5 billion.
The bilateral investment position is very healthy. The United Kingdom and the United States are each the largest direct investor in the other. Australia is the United Kingdom's third largest destination for outward investment and Australia is one of the top five direct investors in the United Kingdom.