Trade Unlocked 2023: Bridging The Gap Between Business And Politics

Fashion Roundtable’s CEO, Tamara Cincik

Last week, Fashion Roundtable attended the Trade Unlocked conference. This was a brand new national conference that took place on the 20th June 2023, that brought together hundreds of businesses of all sizes to discuss and address the challenges of the current trading environment. Bridging the gap between the worlds of business and politics, Trade Unlocked created a high-profile platform for businesses of all sizes and from all sectors to give views on what they need from the UK government to get their business and the economy growing.

The aim of the conference was to give delegates a say through interactive forums on proposed recommendations for changes the UK government could make in vital areas to help businesses grow. Our CEO, Tamara Cincik also sits on the The UK Trade and Business Commission which recently published a comprehensive assessment of the state of UK trade, entitled ‘Trading our way to prosperity: A blueprint for policymakers.’ The report, containing 114 recommendations to remove barriers to growth and prepare the UK economy for the challenges and opportunities of the next decade was discussed in a panel discussion at Trade Unlocked in further detail. 

Panel: Trading Our Way To Prosperity: A Blueprint For Policy Makers
Our CEO Tamara Cincik, was part of a breakout forum aimed to provide space to share knowledge and generate discussion on the challenges and opportunities for UK businesses in international trade. Chaired by David Henig, the UK Director of the European Centre for International Political Economy  (ECIPE), and along with Tamara, the panel gave way to lively conversation and insight from Hilary Benn MP, Labour MP and Co-Convenor of The Trade and Business Commission; Professor L. Alan Winters, Director of The UK Trade Policy Observatory at the University of Sussex; and Deborah Annetts, Chief Executive of the Independent Society of Musicians. 

Key Takeaways:

Beneficial Alignment

While staying outside of the EU Single Market and Customs Union, there is nothing to be lost, and everything to be gained, by the UK aligning with EU standards and regulations. The UK should, however, also use its new freedoms to diverge where it is beneficial to do so, while acknowledging costs where they arise. 

In doing so, the UK Government would be following what many British businesses will be doing anyway, because they will not be able to sell in the EU market otherwise. Providing this greater predictability regarding the UK’s regulatory foundation will be extremely important in attracting investment. It would also make achieving an SPS/veterinary agreement with the EU easier.

A New Forum For Trade Cooperation With The EU

While the Trade and Cooperation Agreement (TCA) between the UK and the EU provides a broad framework, it is limited when it comes to describing areas of potential cooperation between the UK and EU. A new regulatory forum, inspired by the successful US/Canadian regulatory cooperation council, would better facilitate UK-EU dialogue and collaboration on reducing the crucial non-tariff barriers to trade.

The agreement of the Windsor Framework marked an important improvement in our relationship with the EU which can be built upon by further political engagement. In identifying areas for enhanced cooperation, the UK and EU should be able to add new chapters to the TCA, reducing friction and seizing opportunities to improve the UK’s trading relationship with our largest trading partner.

A New UK Board Of Trade

Trade is the economic lifeblood of our nation and should deliver its benefits to all parts of the UK. The creation of an independent agency – a new UK Board of Trade – to act for the Department for Trade and Business as the OBR does for the Treasury would impartially assess the UK's trading performance worldwide, helping drive improvements across government.

Taking inspiration from similar institutions elsewhere, in particular Sweden, the UK Board of Trade would provide impact assessments of new and existing trade deals and assess areas of divergence from other trading blocs’ regulations that will benefit the UK economy. By fostering consensus and coordination across political parties, regions, and businesses, it would help deliver the best outcomes for the economy.

A Visa System That Works For Britain

For an advanced manufacturing and services economy, skills and the need to facilitate the movement of people - whether independent contractors or experienced employees - are of critical importance. Our recommendations include a youth mobility scheme, a cultural worker visa programme and improvements to short-term worker visas.

Whether for businesses based in the UK or British businesses working abroad, our success depends on the contributions of talented individuals. The UK Government should prioritise initiatives that support their mobility for the benefit of the UK economy.

Tamara Cincik, CEO of Fashion Roundtable said:

“The thing about the fashion industry is that it’s goods and services. So not only are you travelling for work, because there is just not enough of a market for the talent that we create here, thanks to our brilliant universities, [...] but you have to work globally [...] and this is a very common thread.”

Deborah Annetts, Chief Executive of the Independent Society of Musicians said:

"When creatives are asked to choose their nationality or profession – they will choose their profession and we will be the poorer for it."

Next Steps:

This unique insight, experience and policy recommendations from all attendees – whether on-stage or off – will be collated to create a post-event record. This will then be presented to the UK Government and the UK’s political parties and the Trade Unlocked team will use it as a basis for lobbying for change.

Watch the panel in full here.

Read the Blueprint in full here.