He replaces interim president Roger Keverne.
Lord Carrington worked in banking and in a number of businesses before becoming an MP in 1987. Under John Major’s premiership he served as a whip and was chairman of the Treasury select committee. He was created a peer in 2013.
Lord Carrington spoke on behalf of the antiques trade in the ivory debate in parliament in 2017.
He said: “I have had a lifelong interest in antiques and follow with interest the sector’s successes and challenges. I am looking forward to meeting the members in their galleries and at fairs, and to representing the association as we move out of lockdown.”
BADA chairman Louise Phillips, from Elaine Phillips Antiques, said: “We welcome Lord Carrington at what is a difficult time for both the antiques trade and the UK.
“His wide-ranging business experience and understanding of Parliament and the art market will be of benefit, not only to BADA, but also to the wider trade, and I look forward greatly to working with him.”