Why trade is a vital tool in the UK’s economic recovery from the pandemic

At the CBI’s International Trade conference, CBI Director-General, Carolyn Fairbairn, and CBI President, Lord Bilimoria, are joined by DIT Permanent Secretary, Antonia Romeo for the opening session of the conference. The panel discuss trade’s role in the economic recovery, why it’s important for the UK to have a strong voice on the future of free trade, and how DIT can work with business to maximise the opportunities worldwide for British firms.

Speakers

• Chair: Daisy McAndrew
• Carolyn Fairbairn, Director-General, CBI
• Lord Karan Bilimoria CBE, DL, President, CBI
• Antonia Romeo, Permanent Secretary, Department for International Trade (DIT)

Highlights from the session:

• Antonia Romeo reflected on the impact of the pandemic on trade, and how it can be a vital tool in the economic recovery
• Antonia went on to say how important it is that the UK has a strong voice on the global stage in championing free trade and the rules-based system; the UK’s Presidency of the G7 in 2021 will be a prime opportunity to ensure it is heard
• Antonia also outlined how the DIT is a business facing department, but also a has a cross-cutting remit, so it ‘lives or dies by collaboration’
• Carolyn Fairbairn spoke about the need for trade policy to link to the domestic agenda, such as the Industrial Strategy
• Lord Bilimoria stressed the need for businesses to ‘think global’ from day one, and spoke about the value that exporting brings to a company
• The panel discussed the importance of focusing on SMEs, but also services firms, to maximise benefits to the UK economy
• Antonia Romeo spoke about the strong relationship between DIT and the CBI, and the desire for that to grow.