How the UK can utilise its multi-lateral role to champion trade

At the CBI’s International Trade conference, we hear from Lord Karan Bilimoria and experts across industry to discuss how the UK can leverage opportunities coming out of a crisis, and the ways in which free trade agreements can be utilised for the benefit of UK business. The panel also explore how the services sector – which makes up nearly half of all UK trade exports – can be incorporated into more modern trade agreements. Finally, they discuss the importance of addressing market access issues in the pursuit of liberalising markets and the ways in which SMEs can penetrate the global market to scale up business.

Speakers

• Lord Karan Bilimoria CBE, DL, President, CBI
• Wilson Del Socorro, Global Director of Government Affairs, Diageo
• Ian Howells, Senior Vice President, Honda Motor Europe
• Sally Jones, UK Trade Policy Director, EY

Highlights from the session:

• Lord Bilimoria introduced the session by suggesting that a crisis can bring new ways to innovate and change things for the better, and that is exactly what needs to be done now. He highlighted that the UK needs to be the global voice for trade liberalism and continue being an outward facing trading nation
• Ian Howells raised the importance of ensuring trade agreements cover the current needs of business, such as containing provisions on services and digital. He suggested the World Trade Organisation (WTO) needs to be modernised to focus more on digital and services rules and regulations
• Sally Jones suggested services makes up the entirety of surplus on trade – a vital part of the economy. And so, we would need to work with like-minded countries like Australia and New Zealand, to bring together a resurgence of the multi and plurilateral negotiations at the WTO on services, so it can be properly liberalised
• Wilson Del Socorro raised the point that we must look at what the practical benefits are of trade policy – and in most cases this is addressing key market access issues. While the trade deals are time consuming, working with other governments to address market access issues on day to day basis can be more practical in opening opportunities for businesses
• Lord Bilimoria highlighted how government can be a great resource to tap into for business in promoting UK companies abroad. The government has a network of embassies and diplomatic missions globally which are specifically there for business to use to break into the local market
• The panel also touched upon how trade can be used to promote inclusivity, and Lord Bilimoria made the point that more diverse businesses are more successful. He highlighted a recent McKinsey report which stated the top quartile of companies that have diversity and inclusion are 39 percent more profitable than the bottom quarter.