Private sector’s role in global trade highlighted

Private sector’s role in global trade highlighted hinh anh 1

Established in 2018 by Michael Bloomberg, the New Economy Forum is a community of global leaders engaging with the world’s most significant changes and challenges. (Source: Bloomberg)

Singapore (VNA) – Nearly 400 representatives of Governments and businesses, and experts at the New Economy Forum in Singapore on November 6-7 agreed on the need to promote the private economic sector in order to increase the firm connectivity of the global trade.

In his remarks, Michael R. Bloomberg, founder of Bloomberg which organised the forum, said economic growth in emerging economies has created new challenges in how to address issues around trade, technology, intellectual property, capital markets and common societal challenges such as public health and climate change.

The private sector has a critical role to play in meeting all of these challenges and many others, he said.

Henry M. Paulson, former US Treasury secretary, said new technologies, new economic challenges and new geopolitical challenges have eroded the frameworks of the past.

It is necessary to craft a new framework that works for today’s world, not the world of the past, he said.

According to a survey of 2,000 business professionals in 20 markets, in the midst of ongoing US-China trade tensions, 55 percent of the interviewees say they believe that there will be more global trade in five years’ time.

The International Monetary Fund (IMF) has warned that trade conflicts will cut global growth forecast this year from 3.9 percent to 3.7 percent.

With the rise of new economies, half of global business professionals believe a globalisation model centered on multi-lateral free trade and open borders can be effective, though they say that the model must be tweaked to allocate the benefits more evenly across wider constituencies.

Three quarters (75 percent) of respondents across the globe say they believe that world leaders and governments should be the primary force in driving initiatives to overcome global challenges.

Experts also noted their belief that technology drives the future of economies.

Business professionals from emerging markets expressed overt inclination towards artificial intelligence (AI) and believe it presents workers with new job opportunities that will generate a net benefit to economies, especially those from China, India and Vietnam.

Established in 2018 by Michael Bloomberg, the New Economy Forum is a community of global leaders engaging with the world’s most significant changes and challenges.-VNA

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