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Businesses should treat trade like a ‘contact sport’

International Trade conference: Liz Truss and Carolyn Fairbairn on securing UK trade deals and the important role individual businesses can play.

15 Oct 2020, 3 min read

At the CBI’s International Trade conference, CBI Director-General, Carolyn Fairbairn is joined by Liz Truss, Secretary of State for International Trade, to discuss the UK’s negotiations with partners such as the US and Japan. Discussing the benefits of Free Trade Agreements (FTAs) to businesses, the status of negotiations, as well as the differences each individual business can make by going out and engaging with people in markets around the world, it’s clear there is still a world of opportunity for businesses thinking global.

Speakers

  • Chair: Daisy McAndrew
  • Carolyn Fairbairn, Director-General, CBI
  • Liz Truss, Secretary of State for International Trade.

Watch the session

Highlights from the session:

  • Liz Truss explained that the shape of UK trade policy can be seen through the recently agreed UK-Japan FTA – negotiating with like-minded partners and striking ambitious agreements to include issues such as digital, data and services
  • The Secretary of State also highlighted the excitement around the UK’s role on the global stage, whether on WTO reform or in playing a role in securing trade agreements across the world
  • Carolyn Fairbairn described trade as ‘a contact sport’, with businesses getting out there and engaging with people in markets around the world; the partnership between DIT and the CBI is therefore really important so that trade works for business
  • Both panellists discussed the importance of Congressional engagement in the US as well as a state-by-state focus; they agreed government and business can work together on issues such as business mobility, which can make such a difference to services trade in particular
  • Liz Truss spoke of a desire to partner with the CBI on trade missions to complement the trade deal agenda
  • The conversation moved on to building trust in trade, and the importance of telling stories at an individual business level to explain the benefits of trade, and the opportunities that can be unlocked through breaking down market access barriers
  • Both panellists agreed the UK remains a great place to do business and to invest in, serving as a solid foundation for the trade agenda in the long-term.