Evidence On NAFTA To Be Taken From Members Of Parliament By The United States International Trade Commission
Analysis of Costs and Benefits [NAFTA Membership] Bill Bill to establish a Parliamentary Commission to investigate and report to Parliament on the potential costs and benefits of membership by the United Kingdom of the North American Free Trade Agreement.
The tabling of the above Bill by Michael Fabricant (appearing on the Order Paper for the first time today) coincides with a visit scheduled for the second week of March by representatives of the United States International Trade Commission (a U.S. Federal Government Agency) to the House of Commons. They will take evidence on the impact on the U.S. economy of including the United Kingdom in NAFTA. The Agency has been commissioned to complete its investigation by August 18th 2000 by The United States Senate Finance Committee.
As requested by the Committee, the Commission will provide to the extent possible:
* *An overview of the current economic relationship among the United States, Canada, Mexico, and the United Kingdom in terms of trade and investment flows, including a discussion of the key industries and comparative advantages of each country.
* *Identification of all existing barriers (tariff and non-tariff) to trade and investment among the United States, Canada, Mexico, and the United Kingdom.
* *For the United States and the United Kingdom, the estimated effect of eliminating these barriers onthe volume of trade in goods and services between the two countries;
* *Gross Domestic Product for each country resulting from increased trade and investment
* *employment across industry sectors, with special attention to changes in the competitive position of industries, job creation and loss, productivity, and wages;
* *balance of payments for each country as a result of new trade patterns;
* *amount of foreign direct investment between the two countries,;
* *final prices paid by consumers in each country.
* *A discussion on any increase in quality or selection of goods, or other consumer benefits.
Michael Fabricant is now requesting any Members of Parliament interested in giving evidence to the Commission to make contact with him.
With regard to the Bill he has just tabled, Mr Fabricant says “There should be no no-go areas of investigation by Parliament. If the United States Senate is interested enough to investigate the advantages to America of Britain joining NAFTA, we should investigate the advantages to Britain of such a move.” The tabling of this Bill follows the first reading on the 20th January of the Analysis of Costs and Benefits [European Union Membership] Bill also tabled by Michael Fabricant.
“From time to time, Parliament should revisit these issues and commission such research. In the meantime, I shall be interested to read the findings of the Institute of Directors which is shortly to publish their own analysis of the benefits and costs to the British economy of our European Union membership”, adds Mr Fabricant.