“So while we talk about good things and cooperation this is not just a financial matter, it is making contributions to the world economy. And it could become derailed very soon if we go back to economic nationalism. We mustn’t let that happen.”
George Osborne, the Chancellor, said that negotiations are currently underway between the EU and India to complete a long-delayed free trade agreement. If successful the talks could ease the flow of goods between European countries and the subcontinent and dilute the need for any form of protectionism.
Mr Osborne said: “Those negotiations have taken a number of years but we hope to conclude then next spring. But I give you a commitment here that Britain will do everything within the EU to champion that agreement and make it happen, and then we will avoid that economic nationalism that [Mr Cable] is talking about. It will also bring benefits to the people of Britain and the people of India.”
David Cameron, the Prime Minister, said that both the UK and India are “trying to defeat the forces of economic nationalism”.
So we’ve the Prime Minister, the Chancellor and the Business Secretary….essentially, the economic part of the UK Government….saying that yes, of course, lots of trade between Britain and India is just a lovely and wonderful idea and we’ll do everything we can to make it easier.
That “everything we can” being chat to the bureaucracy in Brussels.
For trade is, of course, a sole European Union competence. We don’t set our own tarrifs, trade rules, quotas or regulations.
Heck, we don’t even get the money from what tarrifs there are.