§ 18. Mr. BentonTo ask the President of the Board of Trade if he will make a further statement on the outcome of the recent WTO meeting in Singapore. [10608]
§ Mr. NelsonGood progress was made on the United Kingdom's objectives in Singapore; a substantial programme of trade liberalisation was agreed; an information technology agreement was agreed in principle by the EU, US and 11 other countries; and progress was made towards an agreement to open up world telecom markets by February this year.
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§ 29. Mr. FabricantTo ask the President of the Board of Trade what assessment he has made of the impact of the World Trade Organisation meeting in Singapore on trade between the United Kingdom and North America. [10621]
§ Mr. LangThe gains and benefits that will result from the recent WTO ministerial meeting in Singapore have not been assessed on a market basis. As an indicator of the importance of the information technology agreement to UK firms buying and selling IT equipment, the potential reduction in tariffs payable on UK IT imports and exports is estimated to be around £250 million. The value of the agreement between the EU and the US on the elimination of tariffs on brown and white spirits by the year 2000 has not yet been quantified, but it will offer significant benefits to the British drinks industry and has been welcomed by them. While any estimates are necessarily tentative, taking account of the large number of countries which have yet fully to liberalise their markets, and the potential for growth, a comprehensive WTO agreement to liberalise telecoms, negotiations for which are due to be completed in February 1997, could be worth £12 billion ($20 billion) in revenue to British companies by the year 2010. A significant proportion of this would be business on the UK-North America routes.