“MEAGRE OUTCOME” FROM WTO IN ABU DHABI – BUSINESS FORUM

Remove

Despite its overwhelming importance at the heart of the international trade system, members of the World Trade Organisation (WTO) have concluded their Ministerial in Abu Dhabi (“MC13”) with only a meagre outcome.

read more

Building a sustainable and inclusive future in turbulent times

by | Jul 30, 2018 | Trade In The News

Remove

Senior business leaders from around the Asia-Pacific, meeting in Kuala Lumpur this week, expressed deep concern about the risks to continued prosperity from the current turbulent trade and economic environment.

“The storm clouds of trade war and protectionism are gathering,” said David Toua, Chair of the APEC Business Advisory Council.  “After a period in the doldrums, we had finally been seeing more buoyant growth around the world.   But the destructive forces of protectionism and unilateralism are a real threat to that trend.”

Mr. Toua noted that the IMF was forecasting global GDP to expand by 3.9% in 2018, but that it has also identified a rise in trade tensions as a significant downside risk.

“We have given a strong message to APEC Economic Leaders in our annual Report about our support for the global rules-based trading system and the value we place on pressing ahead towards a Free Trade Area of the Asia-Pacific.  These are fundamental to ensuring that our region will be seamless, dynamic, resilient and sustainable – and a place where everyone can enjoy the opportunities and benefits of regional economic integration,” said Mr. Toua.

“Trade barriers hurt jobs especially those in SMEs participating in Global Value Chains (GVCs), and it hurts our communities and environment.  Open and connected markets are not just better for business – they have advanced communities globally.  We need to focus on reaching win-win outcomes.”

He added that a further core message to Leaders was around the importance of fully leveraging the digital age.  “That means a future-ready workforce, infrastructure, and the right policy settings to ensure data flows, privacy and security, while not leaving some economies behind.”

Mr. Toua said that the Council had also finalised letters to APEC Ministers for Finance, Energy and SMEs.

On energy, Mr. Toua said that ABAC was committed to helping to realise the UN Sustainable Development Goal of access to affordable, reliable, sustainable and modern energy for all.  “That demands a focus on improving energy infrastructure, shifting towards low-carbon and renewable energy, and tackling climate change,” he said.

“On finance, we recognise the central role that FinTech plays in the digital economy, and accordingly we have stressed the importance of coordination on policy, regulatory and institutional settings in that area,” Mr. Toua added.  “As well, the vast infrastructure needs in the APEC region should be an urgent focus for investment and regulatory reform.”

Mr. Toua added that empowering micro-, small and medium-sized enterprises (MSMEs) and women remained a major priority.  “It is critical that MSMEs, including women-led MSMEs, are able to realise their full potential – whether operating domestically or internationally.  That requires access to finance and the digital economy, reducing structural impediments and trade barriers such as NTBs,” said Mr. Toua.

“There also needs to be an emphasis on the development of future-ready skills, more broadly throughout economies such as STEM education, and the right mindset in business and society that encourages and enables equal economic participation, including diversity in leadership roles.   Without addressing these needs, we will struggle to deliver truly inclusive and sustainable growth,” concluded Mr. Toua.

Read the original report from ABAC here

REGISTER WITH TRADE WORKS

Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.

 

Remove

 

Latest News

To go or woe with the WTO?

We’ve been here before with the World Trade Organisation (WTO).   The global trade body’s 13th Ministerial meeting (“MC13”) opens in Abu Dhabi on Monday 26 February, with Trade Minister McClay serving as Vice-Chair.  In recent weeks diplomats, trade...

SUBMISSION TO THE MINISTRY OF FOREIGN AFFAIRS AND TRADE

GENERAL REVIEW OF THE COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS- PACIFIC PARTNERSHIP (CPTPP) DECEMBER 2023 Summary This submission is made on behalf of the New Zealand International Business Forum (NZIBF). As individual NZIBF Members may make their own...

2023 – Steps forward and back

Trade liberalisation moved forward and backward in 2023.  Some notable gains have been achieved for New Zealand, but war, geo-political rivalry and global inflation continue to depress global markets. While the pandemic continued to lurk in the shadows, 2023 was the...

NZIBF 2023 Chair Report

I am pleased to present my third report on the activities and achievements of the NZ International Business Forum (NZIBF) for 2023-24, our sixteenth year of operations.  I am grateful to all Members and to our executive team for your continuing support. As I...

Of APEC, CPTPP and IPEF

While New Zealand was sorting out its new Government, the alphabet soup which is trade got a good stirring in San Francisco.  This was APEC Leaders’ week, the annual gathering of Leaders, Ministers, business people and other stakeholders from the 21 economies of...