- DIT is reviewing how best to model trade impacts to enhance its trade negotiation capability
- DIT will consult with a panel of academics led by Professor Tony Venables
- Updated trade models will help our negotiators to get the best trade deals for the UK
The Department for International Trade is reviewing its trade modelling to ensure that all of Britain’s new trade deals are specifically tailored to shape the country’s economy as it recovers from the impacts of Coronavirus.
Modelling trade is an important part of the Department for International Trade’s negotiation capability. Given the significant global impact of Coronavirus, it’s an appropriate time for DIT to review its trade models, as free trade agreements will play a crucial role in our economic recovery.
As part of its programme of continuous development, the department will consult with a panel of external experts and academics, led by Professor Tony Venables, BP Professor of Economics at Oxford University. The internal review will be led by DIT’s Chief Economist Richard Price, drawing on expertise from other Government departments, including the Treasury.
DIT’s modelling of new free trade agreements has won praise from leading commentators. The department is now reviewing its approach to take account of new techniques and insights to make sure it remains best in class. The external panel will support the development of cutting-edge models and analysis. It will also advise on a variety of issues, such as how best to incorporate wider global economic developments, how economies