Extract from Lords statement on Trade Agreements - Feb 14

My Lords, I too am very excited about the prospects of doubling or tripling our trade with the Faroe Islands. Can the Minister confirm that the facile optimism of the Secretary of State must surely now melt as he sees the reduction in our negotiating power when we are on our own compared with having the weight of the EU behind us, particularly in relation to the big hitters. Each of them—Japan, the US and India—will demand concessions, some of which might be painful for us; for example, it is clear that India will demand concessions on visas. That will be unpalatable to many Brexiteers.

I can only say to the noble Lord that we will remain the fifth-largest trading nation in the world. Third countries are very keen to work with us and to have access to our products, and they are very keen to make sure that they can export their goods to us. There is also the argument that in dealing with one country we will be able to focus on areas of particular interest to this country. I highlight in particular the service industry, which makes up 80% of our GDP.

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