Geopolitics, conflict and the politicisation of trade have so far made 2025 a year of uncertainty, and headaches. Whether it’s the risks that goods face when passing through critical shipping lanes, or the machinations of the FX markets, businesses have both financial and operational risks to contend with.  

While these influences vex the minds of treasurers, it’s a relief to learn that some things remain under their control – and not just the choice of analgesic. To this end NatWest recently took part in a discussion focused on personal skills within treasury at the GTR UK 2025 Conference. 

Rowan Austin, Head of Trade Origination and Advisory at NatWest, took part in the panel, ‘Where does trade end and treasury begin?’. Overseeing trade finance, services, supply chain finance, and working capital solutions for corporates and financial institutions means Austin has a unique perspective on the challenges to trade in 2025.

Treasurers can act as a bridge, he explains, between the finance department and the sales and procurement functions, helping to fund supply chains, manage counterparty risk, and ensure liquidity — whether in multinational corporations or SMEs. “Treasurers don’t just manage cash,” he says. “They support the operational flow of trade and mitigate risk, from domestic to emerging markets.”

Businesses want to move money quickly, seamlessly and at low risk, so in a year distinctly lacking in certainty, treasury culture comes to the fore. 

“The business doesn’t always differentiate between treasury and trade,” Naresh Aggarwal, Associate Policy & Technical Director at the Association of Corporate Treasurers (ACT), notes. “It just wants money to move quickly, efficiently, seamlessly, and with low risk.”

“But if we have the wrong culture and we don't communicate effectively within our treasury teams and across the business, it's worth much less.”

So, the magic question: what makes treasury work and what makes a healthy culture in times of such uncertainty?

Aggarwal says: “Get back to basics and work out how to run your business efficiently, irrespective of how trade is currently operating. The key thing is to talk and communicate internally with your key stakeholders.”

Teams need to learn, he adds, to get things wrong without it challenging the business and to remain curious about opportunities to help the business. 

“When we end up in silos, we fail,” he says. “So make sure you value people.”

“Everyday essentials — from the sugar in your tea to the fuel in your car — are made possible by trade and the finance behind it,” Austin says. “For companies, trade is essential to operations. Whether sourcing inputs or selling outputs, businesses rely on the seamless exchange of goods and services. That’s where trade finance plays its enabling role.”

As a medium-sized but open economy, the UK depends heavily on international trade. Austin stresses the importance of free trade agreements with partners like India, the EU, and the US to drive economic growth, job creation, and national wellbeing. “These agreements help British businesses import, export, and generate value for the wider economy,” he says.

“So the focus in years to come should again come back to treasurers, how we get the most from these teams, and where banks can step in to help businesses trade in new markets. 

“Trade finance isn’t just a niche function — it’s a foundational pillar of the global economy, powered by collaboration between businesses, finance professionals, and banks. If we respect it, everyone will benefit.”

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