The seminar hosted by the Worshipful Company of World Traders on September 30, 2009, focused on the significant decline in world trade, highlighting its parallels to the 1930s and the urgent need for recovery strategies, especially for EU exporters. Key discussions included the role of ethical values in innovation and the EU's contribution to the G20 policies aimed at restoring stability and facilitating trade. The seminar featured expert speakers addressing regulatory developments and the importance of transparency and sustainable practices in promoting global trade.

1. The Worshipful Company of World Traders
Seminar: World Trade - an open Europe - 30 September 2009
9.30 - 13.00, followed by lunch
BIS Conference Centre
1 Victoria Street, London SW1H 0ET
Our motto: 'commerce and honest friendship with all'
Background: The overarching theme of the seminar is the unprecedented decline in world trade
this year- now likely to be 10%. The only parallel for this scale of decline is the 1930’s. The
political consequences of that were profound. The problems of the financial system have
precipitated a credit crunch for world trade and deft handling is required to balance financial
stability yet promote recovery in trade. But a sound ethical basis is needed and innovation may
be the key ingredient. That recovery is vital to exporters such as the UK – in partnership with the
EU as it is both our largest market and the largest trade bloc globally – well ahead of the US.
09.30 Registration and coffee
09.50 Welcome by the Master
Session I: The decline of world trade - EU contribution to recovery
Chairman: Sue Garden
The depth of the recession has forced the world to seek solutions at the global level because
world trade – whether goods or services - has comprehensively connected all parts of the globe
together. We will meet in the aftermath of the third G20 Summit which will deal with both
economic issues stemming from the synchronised downturn in trade and restoring enduring
stability to the financial system. Are these global objectives inconsistent in the shorter term? What
is the role for Europe?
10.00 Keynote speaker – Claire Durkin - Freeman (Director, Europe, International Trade and
Development at DBIS)
• Keeping Europe open and trading – results from the G20 Summit on Sept 24/25 seen
from a UK perspective
• The role of the EU in developing G20 policies
10.15 Q&A
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2. 10.20 Graham Bishop – Junior Warden (Adviser, EU financial services regulation)
• EU proposals for post-crisis financial regulation
• Possible implications for the City and helping or hindering world trade?
10.30 Ian Shackell - Court Assistant (Director and Chief Risk Officer, Cardif Pinnacle
insurance/BNP Paribas)
• How will current regulatory developments affect the insurance industry?
• The impact of EU regulatory changes
10.40 Norman Rose – Liveryman (Chairman – SITPRO)
• Simplifying trade - the EU Services Directive
• Stemming the economic downturn: Results of a survey in Europe by members of the
European Business Services Roundtable
10.50 – 11.10 Panel Q&A
11.10 – 11.25 Coffee
Session II: World Trade: Applying European ethical values to innovation
Chairman: Claire Durkin
The entrepreneurial drive of the financial sector stimulated much innovation that also financed the
expansion of world trade. But the failure of ethics amongst key players has produced catastrophic
consequences. Can the application of ethical values ensure that the capacity for innovation is
preserved? Is there a distinctive ethical approach in Europe?
11.25 John Burbidge-King – Court Assistant (CEO of Interchange Solutions)
• Business ethics
• transparency and bribery/anti-corruption
11.35 Michael Mainelli – Liveryman (Chairman Z/Yen Group and Emeritus Professor of
Commerce at Gresham College)
• Sustainability & Innovation: ethical challenges for sustainable world trade – population,
affluence, technology, environment
• How could innovative responses to these challenges radically transform trade as we
know it?
11.45 Neil Redcliffe – Alderman & Freeman (Group Managing Director, Global Investment
Currencies Direct)
• Promoting entrepreneurial financial services businesses in Europe
• Application of business values to ‘light touch’ and principles- based regulation
11.55 Q&A
Session III: Policy developments in the European Union
Chairman: Graham Bishop
The seminar is taking place during a period of intense global political activity on the issues of
world trade and financial reform. The EU is playing a leading role in these negotiations, led by the
Swedish Presidency of the EU during the second half of 2009. What were the EU’s goals at the
G20 and what did it achieve as a bloc? What are the implications for legislative action in the

3. financial field during the remainder of Sweden’s Presidency? How does this tie in with the wishes
and needs of the City of London?
12.10 H.E. Staffan Carlsson, the Ambassador of Sweden to the United Kingdom
• EU reactions to the G20 Summit
• Expectations for progress under the Swedish Presidency on boosting world trade and
reforming EU financial regulation
(Note: an “informal” meeting of ECOFIN will be held in Gothenburg on 1-2 Oct)
12.20 Roger Gifford, Chairman, Association of Foreign Banks
• The City EU perspective - as seen from a major Swedish bank
12.35 Q&A
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12.50 Closing remarks by Claire Durkin
12.55 Closing remarks by the Master
13.00 Lunch
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