With geopolitical situations impacting global trade and the Covid-19 pandemic disrupting the supply chain, countries are facing an enduring crisis. Inflation and the rise of tariff barriers around the world have made free trade a major challenge. New types of trade create new challenges and require multilateral agreements to properly govern them. Trade needs a revolution, and now is the time to focus on the individual and not just organizations to ensure a trading system that is centered on human needs and gains and benefits all countries.
In a special conversation with Business Today at the World Economic Forum in Davos, Arancha Gonzalez Laya, Dean of the Paris School of International Affairs, comments that trade adds openness and reduces barriers by creating a large number of opportunities . “Trade rules create opportunities, and that helps turn into realities through trade finance and trade intelligence. We should go beyond that and have a system where trade works for everyone. finance and education ministries to make trade much more human-centric,” Laya said.
Reta Jo Lewis, President of the Export-Import Bank of the United States, focused on the important role of individuals in the daily economy. “We need to have an economy that is for everyone and benefits everyone. But we have to decide who everyone is. EXIB has a mandate to make funds available to small businesses. We have made it inclusive in a way that we break down the distribution of funds to women, minorities, tribal communities, LGBT, etc. We have gone to 10% during the pandemic in terms of making funds available to everyone.381 millions of dollars were disbursed to minority women in 2021 The proof is in the data We are aggressive on how to engage local communities, local leaders and be able to let them know that the table is there so that they stand up,” Lewis said.
Cenk Alper, Managing Director of Sabanci Holding, who is also a member of the Association of Turkish Industrialists and Businessmen, commented on the importance of the scoping module in understanding human-centered commerce. “Minimum wage guarantees, creating equal opportunities for minorities, supply chains with ESG principles and the digitalization of supply chains will contribute to free trade. Digital markets are transparent places where you can compete fairly with others. Innovation and digitalization will add to capital easy access and sell your idea better in the market,” Alper said. He also spoke about the relationship between the private sector and supply chains where the involvement of private actors will add to funding and skills-based opportunities for the whole sector.
Helena Leurent, Managing Director of Consumers International, commented on the legitimate needs of end users in a market. “Access, protection, security, information, education, privacy, etc. All UN member states agree with this and have formed the basis of consumer policy and yet they are disconnected. Product safety is becoming a major issue online, and it’s not just the lack of information, but we need to look at how sustainability relates to commerce,” Leurent said.
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