Trade deal boosts Scottish industry - Ian Murray

Chancellor Rachel Reeves trying whisky during a visit to the Glenkinchie Whisky Distillery in Tranent

The deal with the US, the first any country has secured with the new American administration, slashes tariffs for carmakers, farmers and steelworkers, and secures preferential access for the pharmaceutical sector.

It’s especially good news for the steel industry, with US tariffs on steel and aluminium entirely eliminated within agreed quotas. It’s another clear sign that this Labour government will stand by the steel industry, after the government’s decisive action last month to save the Scunthorpe steelworks.

it's literally saved tens of thousands of jobs and will create more.

This would be the perfect time for John Swinney to take steps to ensure that the steel industry here in Scotland can fully capitalise on the opportunities offered by this deal. On his watch, the Dalzell and Clydebridge steel works have been mothballed, with the workforce sitting at home on furlough and no work running through the sites. Disappointingly, however, the First Minister seems to have taken a vow of silence on the issue.

The only utterance on the trade deals was to say the UK should have walked away from the US.

Meanwhile, US tariffs on car exports have been reduced from 27.5 per cent to 10 per cent for 100,000 vehicles every year, and we have agreed new reciprocal market access for beef, with farmers given a tariff-free annual quota for 13,000 metric tonnes.

The landmark deal with India, the biggest trade deal we have done since leaving the EU, will increase GDP by £4.8 billion a year and stands to be of enormous benefit to Scotland.

Indian tariffs on Scotch whisky will be immediately halved from 150 per cent to 75 per cent, and then further reduced to just 40 per cent. This will boost distilleries across Scotland, supporting investment and jobs and increasing exports to the world’s largest whisky market. It’s estimated to create 1200 jobs and whisky exports to India by £1 billion in the next five years.

The industry described it as transformational. But again, the SNP want a vote on the deal so they can vote against it. Why?

Furthermore, the advanced manufacturing sector in places like Dundee will benefit from tariff reductions across the board, while the clean energy industry will have unprecedented access to India’s vast procurement market.

The financial services sector in Glasgow and Edinburgh will benefit from market certainty when trading into the growing Indian market and moreover, Scottish food producers will also see major benefits on salmon, lamb and other key products.

This delivers on my mission to promote Brand Scotland around the world and open up new opportunities for Scotland.

Having delivered on our promise to restore economic stability, we’re making clear that the UK is an attractive place to do business. That stability also allowed the Bank of England to cut interest rates last week for the fourth time since the election, benefitting Scottish mortgage holders.

While the previous Conservative government talked for years about trade deals, the Labour Government’s pragmatic approach in the national interest has delivered for businesses and workers across Scotland. And there's more to come…

Ian Murray MP for Edinburgh South and Secretary of State for Scotland