Forum discusses challenges facing the world
Views on international trade and global economic governance in a changing world were exchanged at the 2020 International Forum on Imports on Friday, the third of its kind organized by the East China University of Science and Technology School of Business during the China International Import Expo.
The world faced new challenges and opportunities and there was a need to establish new cooperation in international trade, said Wu Baijun, vice president of the university.
“The East China University of Science and Technology has been organizing the annual forum as we wish to promote academic exchanges and cooperation in international trade and make it an important platform for discussion on global economic development.”
Yonov Frederick Agah, deputy director-general of the World Trade Organization, said in a video speech that international trade is important in promoting economic growth in developing countries by expanding consumers’ choices, creating jobs, and promoting technology development and cultural integration.
But he said the ongoing COVID-19 pandemic had severely stricken industrial chains around the world with enterprises trapped in difficult situations and trade in some countries halted, leading to global economic recession.
He said the WTO should give full play to multilateral trading systems to promote multilateral cooperation, which is helpful in enabling developing countries to get advanced technologies, such as pandemic prevention and control solutions and vaccines, and promoting the digital economy and e-commerce all over the world to help enterprises in developing countries.
Yonov Frederick Agah, deputy director-general of the World Trade Organization, delivers a speech recorded on video.
Also in a video speech, Pamela Coke-Hamilton, director-general of the International Trade Center of the United Nations, said the pandemic had brought unprecedented challenges and global GDP is expected to decrease by 4.8 percent this year from last year, with global merchandise trade volume down over 9 percent and services trade down over 23 percent.
She said the pandemic had severely hit manufacturing and tourism, especially small and micro businesses, and both imports and exports were seriously affected.
Against such a backdrop, keeping the market open is extremely important, she said, praising the China International Import Expo a major measure to keep the Chinese market open and promote trade.
She said the world needs high-quality trade, instead of large-scale trade, to promote sustainable development and inclusiveness.
