Trade in Turbulent Times

They say that “time and tide wait for no man”. In the last few months, you substitute in two other t-words – trade and tariffs – and the aphorism would remain as true as ever.

Across the summer, international trade has rarely been far from the headlines. From elevated tariffs and the US withdrawal of its ‘de minimis’ exemption for low-value goods, to major new trade deals and agri-food regulatory reforms, it’s been a whirlwind of rapid development in global and domestic policy.

We’re seeing both new opportunities and new challenges, spanning multiple sectors and industries from automotive to pharmaceutical, food and agriculture to logistics and freight, and everything in-between. No matter your constituency, you will have businesses large and small who are being affected by the rapidly evolving trade landscape. Many are members of the Chartered Institute of Export & International Trade, and they have been reaching out to our colleagues here to try and make sense of the changes.

At the heart of all of this, of course, is the other, capital-T, determined to continue what is very clearly becoming a deliberate and muscular unpicking of the rules based multilateral global system by Washington.

President Trump’s flurry of announcements over the summer will, I am sure, have kept many of you, and your teams, busy as you work to support those local businesses struggling to keep abreast, and ensure they have the most correct information. When trade policy is dictated by tweet – often at odds with what had only been announced the week before, and when uncertainty becomes the watchword of the day – it becomes impossible for exporters to plan, to grow, and to build.

In the face of this, and amidst growing trade turmoil in markets around the world, the work here at home of the current and recent governments should not be understated. The recently announced Trade and Industrial Strategies, alongside the Small Business Plan, are beginning to bridge the gap between ambition and actualisation, setting out the UK’s vision as a globally facing free-trading independent nation.

And UK Export Finance is delivering billions in export financing support to hundreds of companies the length and breadth of the country, supporting tens of thousands of jobs, turbocharging the economy, and delivering growth opportunities in every corner of the land.

Here at the Chartered Institute, we’re working alongside government, industry, and policy experts to support small businesses to export more great British goods and services to new and old markets around the world. And, as we celebrate our 90th year, our mission feels as relevant today as it was when we were founded: to support trusted, rules-based trade that is open, responsible, and inclusive.

As the co-Secretariat of the All-Party Parliamentary Group for International Trade & Investment, we work closely with Members of both Houses to provide a constructive forum for discussion on, and scrutiny of, the Government’s trade policy as well as its focus on attracting inward investment into UK Plc.

On the ground, we deliver practical support and advice to thousands of businesses across the country, helping them to build up their capacity to export to more countries, and giving them the tools they need to do so successfully and sustainably.

In partnership with the Department for Business and Trade and other stakeholders including major online retail platforms, we established the E-Commerce Trade Commission, a two-year project to help more small businesses start and grow through e-commerce. This culminated in the summer with the launch of the E-Commerce Trade Resource Hub, a one-stop shop with advice, how-to’s, and answers to a range of questions for businesses looking sell online internationally.

And, with only 15 per cent of small businesses being led by women and only a tiny fraction of those estimated to export, our co-led Women in Trade Hub UK, run jointly with the University of Warwick, is working to empower women, and empower men who support women, in trade management and operational roles.

As Parliament returns this week, you will have a myriad of issues and policies to consider and to resolve, trade complexities not the least. We stand ready at the Chartered Institute to support you and the businesses across your constituency in providing support, advice, and guidance as the world of international trade continues to develop at pace.

I look forward to meeting, or re-connecting, with many of you across party conference season in the coming weeks, and to championing together a model of trade that’s open, responsible, and inclusive.

After all, trade is not an abstract concept, and it isn’t just a part of our economy. Trade is what enables humanity to grow.