The aim of the board is to increase inclusion and benefit from free trade across the United Kingdom and it holds representatives from Scotland, Wales and Northern Island.
However, the announcement of the new board also stated: 'Membership of the Board of Trade is restricted to Privy Councillors.
He explained that it's a "technicality" that the board can only be made up of Privy Councillors, and that the new Board of Trade will have attendees from different businesses and parties to keep Liam company.
The International Trade Secretary, Dr Liam Fox, said it would promote a "culture exporting and investing".
Board advisers include Collette Roche, chief of staff at Manchester Airport, former president of the Board of Trade Patricia Hewitt and Ian Curle, CEO of the Edrington Group, which produces The Famous Grouse whisky.
Tom Brake, the Lib Dem International Trade spokesman, said: "Talk about a job creation scheme".
"The signing of the first trade deals are years away, whereas the damage to our existing largest trade deal, with the European Union, is happening now".
James McGrory, the executive director of the pro-Europe Open Britain campaign, said: "I hope that at the inaugural meeting of the new Board of Trade, Liam Fox managed to have positive and constructive discussions with Liam Fox, after hearing expert analysis by Dr Liam Fox on the impact of Brexit".
The Board's first meeting will be in Bristol on Thursday, with the involvement of "prominent figures" in business and politics.
A departmental source said advisers would in effect be members and appointed for a year each, with the option to extend for a further two years.
The board will meet four times a year, with meetings rotated around the United Kingdom "guaranteeing all parts of the union have a chance to raise the issues most important to them".
An International Trade spokesperson said: "We've been clear the Board of Trade needs to act as the eyes and ears of modern businesses".