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As well as unifying the trade and industrial policy functions of the Board of Trade with the Ministry of Technology, the new Department also took over responsibility for government policy towards monopolies and mergers from the Department of Employment. The central aim of the new Department was to help British industry and commerce achieve even greater international competitiveness. One of the new Department's main objectives was to help British firms prepare for the competition arising from Britain's entry into the European Economic Community.
1971 The Ministry of Aviation Supply was disbanded. Responsibilities for the aerospace industry, including the European space programmes, and civil aviation policy were transferred to the Department of Trade and Industry.
1972 The British Export Board was created on the 1st January to direct the export promotion activities of the Department integrating its export promotion work with the British National Export Council. This new organisation consisted of businessmen and representatives from the Department of Trade and Industry and the Foreign and Commonwealth Office. The British Export Board was renamed the British Overseas Trade Board on 1st March.
1974 The Department of Energy was established on 8 January to discharge the functions and responsibilities of the government in relation to energy resources, thus creating a new Department from the energy divisions within the Department of Trade and Industry. After the general election the Department of Trade and Industry was split on 5th March to form three new Departments: Department of Trade; Department of Industry and the Department of Prices and Consumer Protection.