Government economists and experts questioned on Australia and New Zealand trade deals
21 March 2022
The International Trade Committee examines the impact assessments for the Australia and New Zealand trade deals with top Government economists and experts
- Watch Parliament TV: UK trade negotiations: Agreement with Australia; UK trade negotiations: Agreement with New Zealand
- Inquiry: UK trade negotiations: Agreement with Australia
- Inquiry: UK trade negotiations: Agreement with New Zealand
- International Trade Committee
Wednesday 23 March 2022, Committee Room 15, Palace of Westminster
- Richard Price, Chief Economist, Department for International Trade
- Tammy Holmes, Deputy Director, Trade Agreements Analysis, Department for International Trade
- Stephen Gibson, Chair, Regulatory Policy Committee
- Dr Jonathan Cave, Member, Regulatory Policy Committee
- Professor Tony Venables, Senior Research Fellow, Oxford University
- Professor Joe Francois, Professor of International Economics, University of Bern
In the first panel, MPs will quiz the Chief Economist at the Department for International Trade (DIT) and members of independent watchdog the Regulatory Policy Committee on the purpose of the impact assessments and their underlying economic modelling.
MPs are likely to use the session to explore how the headline conclusions of the impact assessments were obtained and whether they are reliable. This is likely to include consideration of the impact on the UK economy and the environment.
In the second panel, MPs seek expert views on the economic modelling informing the assessments, how much certainty is attached to it, and how DIT’s approach to modelling could be improved.
The Impact Assessment for the Australia agreement estimates that by 2035 UK annual GDP could increase by 0.08%, or £2.3 billion per year. The New Zealand deal’s Impact Assessment estimates an annual GDP increase of 0.03%, or around £800 million per year.