The CBI has established a new industry-led body that will champion the importance of services trade in the UK.
What is the new Trade in Services Council (TISC) and why has it been set up?
As part of the government’s exports strategy announced in November 2021, the Department for International Trade welcomed the CBI’s initiative to set up a Trade in Services Council (TISC).
Services account for nearly half of all UK exports and provide 29 million jobs – 4 out of 5 jobs in the UK. With no collective voice for cross-services trade issues, such as mobility, data, and recognition of professional qualifications, the CBI has long called for an industry-led body to discuss services trade and its importance to the UK economy.
Responding to CBI calls, as part of the government’s recent Export Strategy the Department for International Trade welcomed the CBI’s initiative to set up a Trade in Services Council (TISC).
The Council will be industry-led and will complement existing services-related industry bodies to amplify their work and aims to set the UK on a path to exploit untapped potential, with UK services firms amongst the most internationally competitive.
The UK has a wealth of specialist services representative bodies, organisations and businesses that are already deeply engaged in the policy and sectoral issues which impact all forms of services trade.
Outputs of the TISC – pending approval from the Council at the first meeting – will range from promoting the services sectors, consultation on services trade developments and encouraging greater industry participation.
How is business involved in shaping Trade in Services policy?
With the CBI’s Seize the Moment campaign identifying services trade as a strategic opportunity, the new Council will act as a key vehicle to fuel economic growth in the UK – the CBI is looking for senior delegates to join the Trade in Services Council Steering Committee.
The Council will comprise around 20 businesses and organisations from across all trading services sectors and senior representatives will make up the TISC Steering Committee, which will meet twice a year.
To ensure that the TISC has a diverse membership – of all sectors, sizes and regions of the UK – the CBI is running an expression of interest campaign to give organisations and businesses the opportunity to take part in the TISC.
For organisations who want to participate but not be members of the Council, there will be mechanisms to input and a feedback loop, with the Council’s outputs published online via the CBI website.
How will it work with government?
The TISC is independent of government and is industry-led but will feed in collective priorities of services across government departments with a stake in the success of UK services trade where necessary.
DIT is the supporting department and will be observers of parts of TISC meetings. Other government departments will be brought into meetings where appropriate depending on subject matter, such as HMT, BEIS, DCMS, Cabinet Office and Home Office.
For further information or any questions about the Trade in Services Council, speak to Nicola Hetherington.