The Welsh Select Committee say it is 'disappointing' that Wales has so far been excluded from plans for high-speed rail.
But the committee's chair David Davies said that the UK Government's decision to extend electrification to Swansea and the Valley lines into Cardiff should be welcomed.
In a report published today, the committee said that current plans for the HS2 link could cause damage to the Welsh economy by attracting businesses and people to move across the border.
The MPs want the UK and Welsh Governments to develop plans for a high-speed rail link between Wales and England.
Today's meeting in Llandudno to discuss making a business case for electrifying the North Wales mainline was a success, says the Welsh Secretary.
The Welsh Secretary will visit Llandudno today to discuss the possibilities for the electrification of the North Wales Railway Line.
The Welsh Secretary, David Jones, will visit Llandudno today to discuss the possible electrification of the North Wales Railway Line.
Earlier this year the UK Government confirmed plans to electrify the line from Cardiff to Swansea, and lines in Ebbw Vale, Maesteg, Merthyr Tydfil and the Vale of Glamorgan, as part of a UK-wide £9bn investment in the rail network.
Today, the Welsh Secretary is expected to reaffirm his commitment to the electrification of the North Wales line.
The electrification of the Valleys railway lines will be completed by 2019 according to the UK Transport Minister, Simon Burns MP.
The project's cost is an estimated 350 million pounds with work due to start in 2015.
During Transport Questions in the Commons the Minister said it would be "a significant boost" to South Wales, which "will create tremendous opportunities for business travel and passenger travel".
The scheme is part of a modernisation which includes the 1 billion pounds electrification of the line between Swansea and London.
The Budget document states that the UK Government "will continue to work with the Welsh Government to consider electrification of the Welsh Valley lines subject to value for money and an agreement on financing." Final decision this summer 2012 as part of the five year railway investment plan.