The purpose of the council
The UK economy is fundamentally services based, making up 80% of the economy, while growth in global markets is predominantly in services and digital in the coming decades. Trade in services is therefore a key strategic opportunity for UK economic growth and is an absolute priority on the UK trade agenda.
The Trade in Services Council (TISC) brings together a collective voice for cross-services priorities, speaking for all services sectors and businesses of all sizes across the UK. It aims to give strategic direction and impetus behind three areas:
- Promoting the UK services sectors, articulating their importance to the economy, and mobilising services firms to take advantage of new trade opportunities.
- Identifying common barriers to services trade.
- Supporting better coordination of trade in services promotional and policy work across UK government departments and ensuring export promotion is tailored to the needs of services companies.
Crucially, this is not only about services as a huge contributor to the balance of trade as an export in their own right; one third of the value of goods trade can be attributed to the services embedded in them. The link between goods and services trade is essential to understand as the government continues with its ambitious post-Brexit trade agenda.
Find out more about the Trade in Services Council
How the council operates
The Steering Committee, made up of senior representatives of industry groups, meets at least every six months to review progress in achieving Council objectives. The Steering Committee is chaired by CBI Chief Economist, Rain Newton-Smith.
Workstreams are being identified by the Steering Committee and individual Council members lead depending on the subject matter. The TISC complements existing structures such as DIT’s Trade Advisory Groups (TAGs).
How the council will work with government
The government supported the creation of the TISC in November’s Export Strategy. DIT have a seat on the Council as an observer, while other government departments such as BEIS and HMT also have observer seats.
The TISC is independent of government and is industry-led but will feed in collective priorities of services industries across government departments. Government officials will hear directly from the Council through the observer seats.
30 March 2022
Read the minutes, here.
For more information, email the Trade In Services team.