Strengthening global ties vital

Dialogue on the challenges of economic integration and cooperation within the context of rising protectionist pressures and anti-globalisation sentiment is vital.
Deputy director-general of World Trade Organisation Yi Xiaozhun said this in a panel discussion during the Apec CEOs’ Summit on board the cruise liner Pacific Explorer on Saturday.
He said the only way to address trade tensions was strengthening global cooperation.
Tae-Shin Kwon, vice-chairman and CEO of Federation of Korean Industries, said more education about the benefits of trade and Apec should be done so everyone could understand, including the younger generation.
“Now we have a much more diversified world for the Asia-Pacific economies as well, when you talk about the principals, how inclusive it has to be, how much it has to involve the reality rather than wishful thinking,” he said.
“We are seeing the general people’s voice against free trade because they misunderstood losing their jobs coming from immigration, coming from cheap Chinese goods.
“We should strengthen the functioning of WTO (World Trade Organisation), and IMF (International Monitory Fund), World Bank.
“We should let people hear our business voices like in Apec, Abac (Apec Business Advisory Council), OECD (Organisation for Economic Cooperation and Development).
“Using many occasions, we should educate and speak out.
“We should make more ladders for opportunity for young people by education, training.”
Kwon said young people should also be given new training and new education for new skills and new techniques.
Yi told the panel that uncertainty and tensions were the trade problems faced globally.
“The tariff escalation is worrying everybody,” he said.
“These tariffs, if implemented, would have a huge impact on both trade, investment and global economy.
“That is why, it is a big concern to our WTO members.”
Donald Campbell, international co-chair of Pacific Economic Corporation Council, said a recent survey showed CEOs were concerned about protectionism and the need to address issues with the WTO.
The survey was conducted among business decision makers, policy makers and government, academia and civil societies.
“Apec has to a pay more attention and address in a more-coherent way the issues around economic growth, sustainable inclusive economic growth and not just the trade and investment side of issues,” Campbell said. “Globalisation is like an ocean wave. It is going to continue.
“The issue is that the threats that we are having right now really are the threats to institutional side of the globalisation.”