The Government is committed to becoming a world leader in free trade. As we leave the EU, Britain will be the most active and passionate advocate for free trade anywhere in the world. I understand that many of my constituents are concerned about the potential for new agreements to threaten Britain’s international free trade. However, I am confident that the Government will remain a strong proponent of this practice, both to support our national economy and to vigorously uphold the ideal of fair trade.
The UK is signatory to over 90 bilateral investment treaties (BITs). BITs are intended to provide investors with fair and equitable treatment, protect against discriminatory action, and reflect our commitment not to expropriate investments without compensation. The Government is not aware of any Investor-State Dispute Settlement claims made by UK investors under existing BITs that have led directly to or contributed towards a negative impact on any of these areas. Furthermore, the Government is not aware of any case where existing BITs investor claims have negatively affected human rights, development or the environment.
I support the Government’s commitment to securing the best trade deals for Britain. As we begin to negotiate trade agreements on our own terms, Parliament will serve its crucial role in overseeing trade agreements and ensuring that the Government attains the best possible outcomes for the whole of the UK.