Lord Price has announced he will step down as Trade Policy Minister to pursue his business and writing interests.
The former managing director of Waitrose said it had been an "honour" to serve in the role and he would continue to advocate British global trade ambitions after leaving Government.
Greg Hands, International Trade Minister, will take over Lord Price's responsibilities for trade policy and a new Lords Minister will be appointed to the Department for International Trade to particularly focus on UK export promotion.
Mr Hands said: "Over the past 12 months we've helped secure more foreign direct investment projects than ever before, supported thousands of UK businesses on their export journey generating billions of pounds, and continue to promote the UK's trade values across the world.
"I'm now looking forward to delivering a trade policy framework for the UK, so that we can take advantage of new trading opportunities with global partners once we leave the EU."
Lord Price said: "It has been an honour to serve as Minister for Trade and Investment and then Trade Policy following the EU referendum.
"Having visited 35 countries since then I am certain that there is a huge appetite to build new and develop existing trade agreements with the UK. The Trade Policy team is well prepared for that work and I wish them every success.
"I previously said I would be working within government for a time-limited period, and will now be leaving to pursue my wider business and writing interests, while continuing to advocate the UK's global trade ambitions."
International Trade Secretary Liam Fox said he was "delighted" that Mr Hands would be taking over responsibility for "designing an independent trade policy in the UK's national interest" and praised Lord Price for his "hard work and dedication".
PA
