Business will remain fundamental to the global economy; it needs to evolve with emerging markets, technology and policy innovation
BANGLORE, 20th May 2017: Trade will remain the main engine of growth for the global economy, but it needs to evolve concerning emerging markets, technology, business and policy innovation. The export-led growth strategy will yield results only when the surpluses generated from such growth are deployed for the public good.
This was stated by Mr Krishna Pandey, Executive Director (Asia Pacific), Cross Border Conference on Trade and Development (CBCTD), while delivering a thought leadership lecture on ‘Globalization and its Challenges to the Trade and Development Agenda’ organized by EPCC and JAS-AAS, USA.
Mr. Pandey said that CBCTD was promoting policies to create conducive and stable ecosystem for economic growth and sustainable development. Citing examples of nations around the world that successfully revamped their economies with export-led growth, Mr Pandey said that some of the countries ploughed back their surpluses majorly for the public good and used only a part of it to pursue export-led growth on a sustainable basis further.
Nations that relied only on growth via exports were faced with challenging issues. He said that international markets need to be open and ensure that trade is delivered.
Without policies for sharing prosperity, trade can increase inequalities, heighten social tensions and raise the prospect of outright unrest. Without policies for protecting the planet, trade can weaken ecosystems. When world trade doesn’t work for the benefit of all, the promise of globalization is called into question.
He said that policymakers can help reverse the growing mistrust in the global trading system by ensuring that trade agreements are aligned with the people’s economic and social needs and aspirations.
He added that trade agreements are often fast-tracked by legislatures without enough debate on the potential adverse effects specific provisions could have on different population segments.
EPCC MEDIA DIVISION
