Boosting international trade and investment

Supported UK trade policy development and ensured key international trade issues are addressed. We have achieved this by setting out industry policy asks for Free Trade Agreement negotiations with India, Switzerland, the CPTPP, GCC, Canada and Mexico, and through our seat on the government-led Trade Advisory Groups, we have continued to ensure issues such as the mutual recognition of qualifications, mobility and data management are addressed. We have also used our coalition with industry partners in the US, EU, and Asia to successfully ensure the WTO renewed its ban on customs duties on electronic transmissions at its 12th Ministerial Conference.

Further strengthened UK-US links with US business leaders, policymakers and regulators. Bruce Carnegie-Brown, the then Chair of our US MAG, led a delegation to New York in February 2022, with a follow-on visit to Washington D.C. jointly led with the City of London Corporation, to discuss how the UK and US could partner on ESG issues and digital assets.

Maintained strong industry links between the UK and China through our China MAG, with a focus on preparations for the UK-China Economic and Financial Dialogue (EFD) and 4th UK-China Financial Services Summit. We have supported pre-EFD dialogues between senior industry stakeholders from the UK and China to discuss collaboration in climate-related disclosures, carbon markets, transition finance and nature-positive finance in collaboration with HSBC, China Construction Bank and Clifford Chance and how to strengthen capital markets connectivity in collaboration with the London Stock Exchange Group and Shanghai Stock Exchange.

Saw several recommendations from an India-UK Financial Partnership (IUKFP) report on ‘Developing GIFT City into a Global Services Hub’ adopted by the Indian Government in its 2022 Budget, which was a clear win for industry. This report was presented by IUKFP co-chairs to the Chancellor of the Exchequer and Finance Minister of India at the 11th Economic and Financial Dialogue in September 2021, shortly after the IUKFP participated in the first bilateral Financial Markets Dialogue.

Set out evidence on how to make the UK a global data hub for financial and professional services data to ensure its future international competitiveness. Findings from a series of workshops with data experts across the industry were captured and used to inform officials and regulators on how businesses rely on cross-border data flows.

Return to: 'Driving growth and competitiveness through change: Annual report and accounts 2021-22'