09 May BFPG Announces New Economic and Trade Security Commission

Russia’s invasion of Ukraine has thrown into sharp relief the role of economic and trade measures both as a means of constraining and deterring an adversary. There has also been a growing realisation that for national security reasons, over-dependence on one country for energy, grain, rare earth metals and critical minerals, and other core components of supply chains represents a resilience risk. It is therefore crucial that the UK thinks strategically about the security of supply and its capacity and capability to use economic measures as a credible form of deterrence, and deterrence by denial.

That’s why the British Foreign Policy Group is today launching a new Economic and Trade Security Commission.

This new Commission will seek to develop a shared understanding of how the concept of economic security is evolving as it applies to critical supply chains, sanctions and export controls and other economic power levers. The guiding principle is that, for the UK to operate an effective national economic security policy, it is essential to develop a transparent and substantive dialogue between Government, the financial sector and industry, which addresses both the security of the UK defence supply chain and the need to ensure effective economic security against threats from adversaries and strategic rivals.

The Commission will explore the challenges faced by a wide range of stakeholders in ensuring the effective implementation of economic security in all its aspects, including supply chain resilience and economic deterrence, the National Security and Investment Act, as well as the relevant elements of the Integrated Review Refresh and any future major policy initiatives. It will develop a core understanding of the data, funding and security requirements to enable the effective implementation of economic security policies.

The Commission will take evidence from organisations and individuals deemed material to trade finance and economic security and their role in national security, defence procurement and supply chain resilience. We intend to work closely with other public and independent organisations with an interest in economic security including the newly-established Centre for Economic Security.

The Commission will be led by Commission Lead Dr. Rebecca Harding, with the support of BFPG Senior Advisor Dr. David Landsman and BFPG Director Evie Aspinall.

To launch the Commission BFPG will be hosting an initial meeting of key stakeholders in the coming weeks. More information about the Commission will be released in due course, but if you have any questions or would like to hear more, please contact us at hello@bfpg.co.uk.