How to put trade at the heart of a global recovery
The CBI hosted this year’s B7(“Business 7”) Summit between 10-12 May. At the summit, the CBI along with the other B7 members held a session on Trade with Secretary of State, Liz Truss, where the B7 formally presented its trade paper. Below are the key takeaways from this session and why it matters to business.
The global economic shock caused by COVID-19 has raised new challenges for both our economies and societies. It has highlighted barriers to global trade and health – such as protectionism – and made us realise that we need to do things differently. Above all, we need to increase our use of digital, accelerate innovation and create new opportunities for jobs and prosperity.
The B7 put trade at the heart of a global recovery and, to achieve it, has called for the G7 leadership to restore the World Trade Organisation’s (WTO) reputation and function as the centre of global trade governance. Business will also need to step up and demonstrate initiative in creating prosperity, driving the transformation the world needs to overcome modern challenges.
The four key takeaways from the B7 Trade session:
1. WTO reform will be key to tackling today's modern challenges
The growing trends of protectionism, acceleration of digital and climate change, all demand an effe
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