A new Board of Trade would consist of leading figures from business and politics across the UK who would lead trade delegations around the globe. A network of nine trade commissioners would also be established around the world to promote British exports, seek inward investment and drive UK trade policy.International Trade Secretary Liam Fox said, “There is a world of opportunity out there for the United Kingdom as we leave the European Union, but only Theresa May and the Conservatives have the plan and the ability to get the right deal for Britain.”Foreign Secretary Boris Johnson added, “We believe it is this country’s destiny to engage not just with our friends and partners in the EU but with the whole of the rest of the world – the 93 per cent of humanity that does not live in the EU, as well as with the EU. If we are to make the most of that opportunity then we need the right economic policies.”

New deals with “old friends and allies”

Mrs May has said that, after the UK leaves the European Union’s tariff-free single market, she wants to see the country forge bilateral trade deals with “old friends and new allies”.Reacting to the proposal, Ben Digby, international director of the Confederation of British Industry (CBI), said, “It’s critical a new government sets up formal structures within the first 100 days to engage businesses from up and down the country to set a business agenda for trade post-Brexit.“Securing barrier-free access to the EU, securing the UK’s independent status at the World Trade Organization and protecting preferential access to non-EU markets through EU trade agreements must be immediate priorities.”

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A focal point of support

Dr Adam Marshall, director-general of the British Chambers of Commerce, added, “We welcome the Conservatives’ manifesto commitment to revive the Board of Trade, to offer a focal point for support for companies in every region and nation of the UK as they seek to increase their trade with markets overseas.“Chambers of commerce are uniquely focused on both international trade and the success of local and regional business communities, and stand ready to participate actively in, and support, the work of the reconvened Board of Trade.”However, Alistair Carmichael, the Liberal Democrats’ international trade spokesman, expressed reservations about resurrecting an organisation that was first establish four centuries ago.“No number of fancy trade commissioners jetting around the world will save us from crippling tariffs when we leave the single market,” he said. “If we needed any further proof that the Conservatives have no new ideas, it’s this desperate attempt to apply 17th-century solutions to 21st-century challenges. This plan is so outdated it’s probably been written on parchment.”A Labour Party spokesman said, “Rather than talk up hypothetical trade deals reliant on Boris Johnson’s diplomatic skills to negotiate, Labour will focus above all else on securing strong trading arrangements with the EU and delivering the investment for our regions the Tories have failed to make in seven years.”

A more “Global Britain”

Allie Renison, head of EU and trade policy at the Institute of Directors, said, “We were promised a free and trading nation during the referendum campaign and that is what business leaders will push for as we enter these negotiations. Once the UK has left the European Union, it will need to go around the world putting substance behind its intention to push for a more ‘Global Britain’.“The commitment to boosting UK exporters by reconvening the Board of Trade and creating a network of trade commissioners will also be supported by companies, but we would urge the (Conservative) party to publish more details after the election on taking this forward, so business can be engaged with the process as it unfolds.“If we are to revive this body, we would like to understand more details about where the nine regions will be and what its relationship will be with the Department for International Trade – this needs to be more than political posturing. If they become the party of government on 9 June, they could look to the Swedish Board of Trade, as an example for best practice, which takes into consideration all departments when identifying its trade priorities.”For related news and features, visit our Enterprise section.Access hundreds of global services and suppliers in our Online Directory  Get access to our free Global Mobility Toolkit

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