“We need to reform and revitalize the dispute settlement function” WTO Deputy Director General Angela Ellard

During the 35^th CACCI Conference themed “Sustainable and Resilient Growth Through a Robust World Trade” on November 2, 2021, Ms. Angela Paolini Ellard, Deputy Director General of the World Trade Organization, made a presentation on “Making the WTO More Adaptable to the Economic and Trade Realities of Today.”

In her presentation, Ms. Ellard made notable remarks that merit attention from CACCI members as our organization is engaged now in a drive to reform WTO. Ms. Ellard also answered some questions from the audience while Peter McMullin, CACCI Vice President, acted as the conference’s moderator.

Ms. Ellard’s remarks and the video recording of her speech are presented below. Her complete speech can be downloaded HERE.

Good afternoon from Geneva,

It is a great pleasure to speak to the Confederation and its members today — thank you for the invitation.

First of all, I would like to congratulate the Confederation on its 35th Annual Conference and its leadership over the past 55 years. You have made an important contribution into increasing business interaction and enhancing economic growth in the Asia-Pacific Region. Thank you also for the Policy Statement and the accompanying Report that you have transmitted to my colleague, Deputy Director-General Gonzalez.

I met with the Confederation and its members in my previous role on Capitol Hill in the U.S., and I look forward to continuing collaboration in my new capacity at the WTO.

Today, I am going to speak about how the WTO can help address the consequences of the COVID-19 pandemic, as well as how to address some of the challenges that the Organization faces today.

Let me start with the COVID-19 pandemic, which brought the global economy to a standstill for a significant period. When the pandemic struck, production and consumption across the world scaled back, and international trade appeared to be on its way to a persistent decline. However, in the summer of 2020, global merchandise trade began to recover, and by the end of the year, it was strongly rebounding in many countries and sectors, but not all.

In the first half of 2021, global trade continued to grow, as value chains recovered and demand in advanced economies increased. According to the latest WTO forecast, the volume of global merchandise trade is predicted to grow by 10.8 percent in 2021, followed by a 4.7 percent rise in 2022.

WTO rules have slowed, and even prevented, countries from taking very damaging measures. And our Trade Facilitation Agreement, although not designed with the pandemic in mind, has played an outsized role in worldwide recovery. Countries that have embraced and rapidly implemented trade facilitating measures and infrastructure have generally proven more resilient, more adaptable, and better equipped to keep trade flowing despite COVID-19-related lockdowns, travel restrictions, and social distancing.

However, many developing countries are not experiencing the same economic growth pattern, and this trend is deeply concerning because the economic recovery rate is predicted to be faster for countries with higher vaccination rates. For many developing countries where vaccination rates are low – on average 3 percent – the path to recovery will be long and uncertain unless urgent measures are taken.

So, first and foremost, we need to make sure that people in developing countries have broad and unfettered access to vaccines, therapeutics, and other essential products and technologies needed to combat the pandemic. This is not just a moral imperative, but also a strategic and economic one. And, as you note in your Policy Statement, “[f]ree trade is the only solution” to this problem.

In fact, contributing to the global effort to combat the pandemic, in particular ensuring equitable access to vaccines, has been one of the top priorities of the WTO administration and membership. Our work has been focused on two dimensions: supply chains and intellectual property waiver negotiations. As regards supply chains, we all know that producing vaccines is an extremely complicated process, involving facilities in many different countries. And this implies a lot of cross-border shipments of vaccine ingredients. Think about vaccines as a puzzle that comes together only when you have all the right pieces, but those pieces are strewn all over the world.

Trade enables the cross-border transfer of technology and development of supply chains for COVID-19 vaccine manufacturing. Trade helps manufacturers of vaccines and other products necessary to combat the pandemic to source highly specialized inputs that are not produced at home.

The WTO has played an important role in keeping the supply chains open and scaling up vaccine production. In this regard, I would like to highlight our work in preparing a list of trade-related bottlenecks and trade-facilitating measures on critical products to combat COVID-19. The WTO has also prepared an indicative list of critical COVID-19 vaccine inputs and a report on COVID-19 vaccines production and tariffs on vaccine inputs. This work is intended to help policymakers see the blockages and opportunities.

All of this may sound simple and straightforward, but it is not. Governments need know what exactly goes into a vaccine, and what are the products necessary to distribute and administer it, to make the necessary policy decisions to remove tariff and regulatory restrictions on imports of such goods. And while the average tariff on vaccines is merely 0.76 percent, average tariffs on vaccine ingredients, such as preservatives and adjuvants, are anywhere from 3 to 16 times higher.

Pandemic response, insofar as it concerns export restrictions, trade facilitation, and regulatory coherence, is on the agenda of our 12th Ministerial Conference, which is less than a month away. And we are also striving to develop a framework for addressing future pandemics. Ambassador Walker of New Zealand is working with Members to forge a ministerial outcome in this area.

The second stream of our pandemic-related work negotiations is focused on the proposal by India and South Africa to waive obligations under the WTO TRIPs agreement with respect to intellectual property. While those discussions are not as far along, it is essential to see a balanced and effective outcome.

Our experience with the pandemic has once again confirmed that trade has been and remains a powerful engine for economic growth. But we can’t take the ability to trade for granted. Exporting to foreign markets requires effort, and business needs to have confidence that the operational framework of trade is predictable, transparent, and relatively consistent. This is where the WTO, as the guardian of multilateral trade rules, comes into play.

But there is no way around the fact that the last few years have been difficult for the WTO and for trade’s reputation in general. The key element permeating discussions in the WTO these days is that we all acknowledge that the Organization needs reform. This was the Director-General’s message when she ran for the office, and we hear it from countless WTO Members, academics, and business representatives.

So, how can we make the WTO stronger? In my view, the best way to repair the Organization is to achieve results in key areas of our work. The upcoming 12^th Ministerial Conference is an important milestone that offers a great opportunity for us to achieve concrete outcomes.

In addition to the pandemic work that I have just described, our top priority is to conclude the fisheries negotiations, which have been ongoing for 20 years. In those two decades, we have witnessed a sharp and alarming decrease in global fish stocks, which particularly threatens vulnerable artisanal fishers and damages ocean ecosystems.

Delegations are showing increasing engagement, and many are now signaling new flexibilities. We need to capitalize on all elements of convergence that are emerging as time is short. At this stage, we need political decisions to get to a balanced and robust outcome. This is important for the livelihood of millions of fisherwomen and men from coastal communities, and for the oceans and the fish. And it’s important to the credibility of the WTO as well, so even if you are not focused on this negotiation, you should care very much about the outcome.

The COVID-19 pandemic has brought about unprecedented growth in the digital and e-commerce sectors, which proved to be a lifeline for many businesses. It is estimated that the share of e-commerce in retail sales has risen from 16 percent in 2019 to 19 percent in 2020.

The WTO can create a harmonized policy-based framework for e-commerce to develop in an inclusive manner. At the same time, while acknowledging these benefits, many Members have also raised concerns regarding their ability to harness that potential given the digital divide. Some prevailing challenges in infrastructure, finance, resources, and governance still hinder broader e-commerce uptake. These concerns need to be addressed if e-commerce is to continue to play a supporting role in the global economic recovery.

WTO Members have deepened their engagement on e-commerce issues — both under the multilaterally-agreed Work Programme on e-commerce as well as under the Joint Statement Initiative plurilateral discussions among 86 Members co-convened by three Asia-Pacific countries.

Sixty-five of our Members have completed negotiations for a Joint Statement Initiative on domestic regulation, aimed at ensuring that existing market access and national treatment commitments are not nullified by opaque and complex authorization procedures. The draft text contains a novel provision on non-discrimination between men and women in the context of authorization procedures for service suppliers. This will be the first provision of its kind in a WTO negotiated outcome.

As we know, there are many MSMEs in the services sector, and they will be the major beneficiaries of the new rules on domestic regulation and e-commerce. Another area where we see progress is environment and climate change. Of course, the WTO is not the place to establish global climate policy and how goals will be reached. But the WTO plays an important role because its rules govern measures and instruments that are relevant for implementing climate policies, such as tariffs, subsidies, and even regulation.

To transition to a low-carbon economy, countries need affordable access to advanced technologies. And open trade plays a critical role in providing such access. For example, the WTO can bring down tariffs on goods needed to get to net zero, such as solar panels and wind turbines, through an Environmental Goods Agreement.

The international community is now converging on the urgent challenges of climate and sustainability. Therefore, at MC12, we need a clear political signal from trade ministers that they recognize the importance of addressing these challenges, in particular through trade.

In addition, we need to update our rules on agriculture, an important and challenging issue for many Members. While negotiations are proving difficult, many Members believe that MC12 must have an outcome on agriculture. Members have been working on draft ministerial text circulated by the Chair of the negotiations. But gaps persist on the key issues of domestic support and public stockholding, which will set the level of ambition for the overall agriculture outcome. But if they are out of reach, we should still aim for outcomes on food security and transparency; and set a clear path for addressing other issues such as the special safeguard mechanism, cotton, export competition, and market access. Finally, both old and new rules are toothless if there is no effective and efficient

way to enforce them. We need to reform and revitalize the dispute settlement function to make sure that Members can seek redress and that there are effective remedies to violations of WTO rules.

The importance of a successful MC12 can hardly be overstated. It’s necessary to show that the WTO is back on track, fit for addressing the challenges of the 21^st century, and can deliver for Members and people relying on trade to drive a strong economic recovery. To get there, we need a strong commitment and political will from all WTO Members, and the business community, to get tangible results.

At the same time, we have to be realistic because some issues may be more difficult and won’t conclude at MC12. For such issues, MC12 may focus on working toward a future outcome, with work programs to be developed in some areas.

It is also important to work to restore trust between Members, which has been shaken over the years. This is particularly visible in the relationships between developed and developing country Members of the WTO. Some developing countries feel that they are precluded from taking full advantage from the benefits and flexibilities provided to them as developing countries. By contrast, some developed countries have expressed concerns that certain countries with a high level of development unfairly benefit from being self-designated as developing.

MC12 is a good opportunity for Members listen to each other and increase the level of trust, through specific outcomes and by setting the table for next year. I’d like to conclude with a plea. If you value the WTO, then it is important to make the case that it is relevant and that it is worth improving and modernizing. We can’t take for granted that everyone believes in the value of trade and establishing a rules-based system governing trade.

We very much appreciate your views on what reforms are needed, as expressed in your Policy Statement. The Confederation and its members are well-placed to make outreach directly with decision-makers in the region, as well as with the public at large. We have to demonstrate where the WTO has been successful, be honest about where it has not, and be ambitious as to how we can make it better. Businesses must be a voice for good, on matters that are in their immediate interest, as well as broader issues like climate change, fisheries, and access to vaccines.

We count on you.

Many thanks for your attention. I look forward to your questions and comments, and I look forward to working with you in the years to come. 2177 words (18+ minutes)

ICC session on CACCI Study on Achieving a Successful World Trading System

CACCI Study on “Achieving a Successful World Trading System” discussed at the ICC ITPW 2021 – This year’s ICC International Trade and Prosperity Week (ICC ITPW 2021), which was organized virtually by the ICC United Kingdom on October 18-22, 2021, included a session on the CACCI study on “Achieving a Successful World Trading System”.

Held on October 22 at 09:00 AM, London time, the special session was conducted in a fireside chat format and featured CACCI President Mr. Samir Modi; Dr. Andrew Stoeckel from the Australian National University who was commissioned by CACCI to undertake the study; and Ms. Sara Gillespie from ICC Australia.

Australian Trade Minister Dan Tehan discusses WTO reforms with CACCI leaders

On October 26^th 2021, Australian Minister of Trade, Tourism and Investment The. Hon. Dan Tehan MP, held an online discussion with leaders of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) to argue for the necessity of WTO reforms given the current headwinds that the world trade system is facing.

Hosted by CACCI President Samir Modi, the discussions included the participation of Peter McMullin, CACCI Vice President; Dr. Andrew Stoeckel from the Australian National University; and Bryan Clark from Australian CCI

During his presentation, Minister Tehan touched on several key issues affecting the WTO reform process now underway. He argued that “we’re going to need a lot of momentum, a lot of leadership, and a lot of impetus if we are to get the outcomes that we want.”

Minister Tehan encouraged all the business leaders from the region and beyond to have a dialogue with their trade ministers on the recommendations put forward by the CACCI study on “Achieving a Successful Trading System” before the ministers head offto Geneva for the 12^th WTO Ministerial Conference to be held on November 30 – December 3, 2021 for a discussion on WTO reforms.

Minister Tehan explained that currently there are two stages with respect to WTO reforms. First, the next two to three months will set the negotiation stage. The second stage will determine what the future of the WTO will look like.

Minister Tehan warned that a failure in WTO reforms will result in a step back towards plurilateralism where groups of countries will come together to trade among themselves.

To counter this possible outcome, Minister Tehan insisted on the need to drive an agenda of reform because the WTO is an organization which “on the whole is putting the rules in place which enable us to trade and trade effectively” he said.

Minister Tehan noted that now it is not wise to “see the baby thrown out with the bathwater.” Instead, he is looking forward to reform the existing structures.

Minister Tehan’s presentation was followed by a series of questions issued by several member chambers of CACCI.

This webinar was organized by CACCI, in cooperation with the Australian Chamber of Commerce and Industry (ACCI) as the first of a series of events to promote the CACCI study. The study aims to come up with recommendations on reforms to improve the WTO in order to revitalize world trade as a fundamental mechanism for economic growth and common prosperity.

You can view the whole discussion in the video below or at the CACCI YouTube HERE

Asia – Pacific businesses call for WTO reform

The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), a network of national chambers from 25 economies across Asia and the Western Pacific, launched an evidence-based plan for reforming the World Trade Organisation (WTO) as well as the relationships with the major global intergovernmental institutions, at a global virtual event on October 29 to stimulate discussion in the lead up the next WTO Ministerial Council. (The Launching event can be viewed below or click HERE.)

The foremost network of business groups from the Asia Pacific has launched its recommendations for reform of the WTO to ensure a global rules-based trade system for the coming century.

The current 25 CACCI member countries have a combined population of 2.7 billion, representing some 40% of the world total; a total GDP of US$15 trillion, accounting for about 25% of the world total; and a combined trade of US$8 trillion, representing about 26% of the total global trade value. CACCI represents the collective business interests of over 150 million businesses across geographical Asia, sometimes accounting for at least 97% of economic activity. These businesses employ perhaps one billion people, generating a living for them – many of them family owned and run businesses.

Small and medium business enterprises are the main engines of most economies and there is a dire need for economic recovery to restore jobs and incomes, particularly in low-income economies.

Study author, Dr Andrew Stoeckel said, “There is an imperative for better economic performance sustained into the future to service the large increase in debt around the globe. The WTO (together with its predecessor GATT) has been in situ since the end of the Second World War, regulating trade, global relations and resolving disputes on the movement of goods and services.   However, over the past decade, the global market environment has made trade liberalisation less of a priority among many countries, threatening the sustainability of the WTO.

The bottom line is that the aim of international trade is to lift living standards. The fewer the barriers to commerce – whether technical or government imposed – the more commerce there will be, lifting living standards directly and indirectly through enabling resources for government to provide public goods and pursue sustainable development goals. The current system is not delivering this.

Even the purpose of the WTO is not clear. It needs to provide an open, non-discriminatory, rules-based multilateral system.”

In this regard, CACCI believes the 15 recommendations need to be considered by WTO members in MC12.

Adopting the 15 recommendations would simplify and strengthen the multilateral trading system. It would create more certainty in trade, encouraging investment and enhance commerce across borders. Higher living standards would be the result. That will not be at the expense of other environmental and social goals if the right policies are in place to address those issues.

The focus of this study is on trade, but CACCI notes that this is but one aspect of the need for better global governance. Other pressing aspects of global governance are the pandemic and climate change. The WTO system is not the only institution where the effectiveness of global governance arrangements is called into question. CACCI supports calls for a contemporary ‘Bretton Woods’ type conference to revisit how nation-states should work together in the modern age considering how much has changed since WWII. CACCI would support such a move to examine whether the global institutions we have now, along with the WTO system, are still fit for purpose in the 21^st century.

Launching Event of CACCI Study of Rebuilding the World Trading System

Quotes attributable to CACCI’s regional business leaders: 

CACCI President Samir Modi (India) said:  “the world trading system has deteriorated to its current state, and we need to remedy the situation.

“Many countries are more concerned with national security and economic self-interests, leading to a rise in nationalism and protectionism regionally and globally. And, given the growing trend to pursue bilateral economic relationships among many countries, the prevailing circumstances are expected to have further adverse impact on multilateral relationships.

“CACCI, with its initiative to ‘Achieve a Successful World Trading System’, hopes to focus efforts to the right questions and reforms to achieve this important objective.”

CACCI Advisory Board Chair and CACCI President Emeritus Ken Court (Australia) said in a time of rapid communications and decision-making, the resolution of international trade disputes needed to be simplified.

“Most CACCI member nations are medium or small players with much at stake in a global multilateral system – they depend on stable and predictable rules governing international trade and investment.

“The current system is broken and doesn’t look like it can be repaired. Our recommendations are to look at an alternate approach using economics rather than legal mechanisms as a way through the impasse.” Mr Court said.

CACCI Policy Advocacy Working Group Chair and Australian Chamber of Commerce & Industry Trade Director Bryan Clark (Australia) said the WTO’s importance “had been forgotten amidst the pursuit of free trade agreements.

“One of key reasons for establishing the global rules-based trading system was to avoid a repeat of the destructive trade tensions experienced before World War II.

“But rising protectionism, the proliferation of FTAs, trade sanctions and the failure of the dispute settlement body, coupled with rising uncertainty with lower investment spells great trouble for the world.

“We desperately need the WTO members to listen to the calls from business to ensure that the institution is fit for purpose for the modern and evolving world.”

CACCI Advisory Board member Jemal Inaishvili (Georgia) said the promotion of free trade in the region had faced “a lot of challenges in the past”.

“We have seen tensions in trade relations between world and regional leaders, which were not helpful for economic growth.

“Last year we witnessed enormous disruptions caused by the COVID pandemic, the promotion of international free trade even more relevant and the CACCI recommendations will contribute to global recovery from the pandemic, improving health and economic outcomes for all.”

CACCI Vice President Peter McMullin (Australia) said the CACCI trade recommendations are a “vital piece of leadership at this critical stage in our collective history”.

“The world trading system is in disarray and needs a reset. The study has diagnosed the problem and suggests possible and practical solutions.

“As trade is foundational to the economic recovery, I think it is in all our interests to see the recommendations from the study are adopted by the WTO and its members.

CACCI Vice President M. Rifat Hisarciklioglu (Turkey) said greater cooperation at the WTO “can provide greater certainty for international trade and assist with global economic recover. At this time there is nothing more important.”

“Trade is the engine of economic growth and catalyser of peace, prosperity and security. The world economy needs less unilateralism and more multilateralism.”

CACCI Vice President Pedram Soltani (Iran) said “Asia, the driving force of the global trade growth in the 21st century, has to be more sensitive to the threats of protectionism. CACCI, as a multi-continent-wide organisation for the private sector, has correctly considered the headwinds of the World Trading System,” Dr Soltani said.

“The future of the world trade cannot continue to be bogged down in decades long negotiations and disputes.”

CACCI Vice President Sheikh Fazle Fahim (Bangladesh) said developing economies needed sustainable, equitable rules to achieve development goals and grow new industries with ease of market access.

“Developing economies find it difficult to expand their own emerging industries, as multinational companies have competitive advantage in the current global business environment. So, it is imperative promising economies are able to establish and maintain interconnectivity and collaboration among potential trade partners.

“The CACCI study explores all these challenges, gaps, and inconsistencies and finds an inclusive solution for world trade to become an effective system again that leaves no one behind.”

Further information: Jack Quail | Senior Media Adviser – ACCI – +61 431 299 518

(c) Australian Chamber of Commerce and Industry 2021
Level 3, 24 Brisbane Avenue
BARTON ACT 2600
P | 02 6270 8000
E | info@australianchamber.com.au
W | www.australianchamber.com.au

To download the Summary of CACCI Policy Statement, click HERE.

To view the Summary of CACCI Policy Statement online, click HERE.

To download the Complete CACCI Policy Statement, click HERE.

To view the Complete CACCI Policy Statement online, click HERE.

Webinar on the WTO and WTO Reforms with the Minister of Trade, Tourism and Investment of Australia

CACCI is pleased to invite its members and colleagues to participate in the webinar on the World Trade Organization (WTO) and on the WTO reform efforts to be organized by the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), in cooperation with the Australian Chamber of Commerce and Industry on October 26, 2021 at 5:00 PM AEDT.

The one-hour session will feature The Hon. Dan Tehan MP, Minister for Trade, Tourism and Investment of Australia, who will elaborate on the views and position of his Ministry on the current operation of the WTO and what reforms are necessary and how to achieve them. Attached herewith is the biography of Minister Tehan for your perusal.

The Tentative Program will be as follows:

5:00PM – 5:05PM     Opening Remarks by Mr. Samir Modi, President, CACCI

5:05PM – 5:30PM     Presentation by The Hon Dan Tehan MP, Minister for Trade Tourism and Investment, Australia

5:30PM – 5:55PM     Q & A Session

5:55PM – 6:00PM     Closing Remarks by Mr. Peter McMullin, Vice President, CACCI

The October 26 webinar is the first of a series of webinars that CACCI is organizing to provide our members the opportunity to understand and have a clear idea of what trade officials in CACCI member countries think of what the WTO should achieve and how to go about it.

To join the conference, please register HERE.

We encourage you to share the invitation with your respective members and constituencies, as well as to your other networks, who I am sure will stand to gain from the discussions.

“Achieving a Successful World Trading System” A Policy Statement by CACCI

To download the Summary of CACCI Policy Statement, click HERE.

To view Summary of CACCI Policy Statement online, click HERE.

To download Complete CACCI Policy Statement, click HERE.

To view Full Complete Policy Statement online, click HERE.

Invitation to the Launching of CACCI Recommendations to Improve World Trading System on 29th October 2021 (15:00 Taiwan Time ) – Register Now

Register HERE

To download the Invitation in PDF format, click HERE.

Register HERE

To download the Summary of CACCI Policy Statement, click HERE.

To view the Summary of CACCI Policy Statement online, click HERE.

To download the Complete CACCI Policy Statement, click HERE.

To view the Complete CACCI Policy Statement online, click HERE.

Summary of CACCI Study on “Achieving a Successful World Trading System”

Reform Starts at Home

To download the Summary of CACCI Policy Statement, click HERE.

To view the Summary of CACCI Policy Statement online, click HERE.

To download the Complete CACCI Policy Statement, click HERE.

To view the Complete CACCI Policy Statement online, click HERE.

35th CACCI Conference “Sustainable and Resilient Growth Though a Robust World Trade”

CACCI wishes to invite its members and friends to join this year’s  35^th CACCI Conference to be held virtually on November 2, 2021 at 2:00 PM, Taipei time.

Co-organized by our Primary Members from Taiwan, namely, the Chinese International Economic Cooperation Association (CIECA) and the Chinese National Association of Industry and Commerce (CNAIC), this year’s online annual gathering carries the theme “Sustainable and Resilient Growth Through a Robust World Trade.”

Below is the latest Conference Program for your perusal.

We encourage you to participate in this year’s 35^th CACCI Conference. Your presence will provide you the opportunity to virtually meet with international and regional experts who will share their views on how to address the challenges and grasp the opportunities presented by the ongoing transformation in the regional and global trade and investment environment.

To join the conference, please register HERE.

You will then receive a confirmation of your registration and instructions on how to join the meeting.

The 35th CACCI Conference Program

 November 2, 2021, 14:00 – 16:30, Taipei Time

(As of October 15, 2021)

14:00-14:05 – Introductory Remarks by the Moderator Mr. Peter McMullin, CACCI Vice President

14:05-14:15 – Welcome Remarks by CACCI President Mr. Samir Modi

14:15-14:35 – Special Presentation on “Lessons Learned from the Covid-19 Pandemic” by Dr. Chen Chien-Jen, Former Vice President of the Republic of China (Taiwan); Academician of Academia Sinica (Taiwan); and Academician of the Pontifical Academy of Sciences (Vatican); to share his perspectives on the effectiveness of the measures and other mitigation responses of many countries and what factors may have contributed to the success – or have hampered – their implementation.

14:35-14:55 Session on “Achieving Sustainable Growth Amidst Challenges and Disruptions in a Changing Global Environment,” focusing on the challenges and disruptions brought about by the pandemic on countries in the region, and their efforts to find innovative solutions to adapt in the so-called new normal that has emerged from the health crisis, and what businesses should do as part of their post-pandemic strategies to assure future growth and competitiveness

Invited Speaker: Ms. Priyanka Kishore, Head India and South East Asia Macro Services, Oxford Economics

14:55 –15:15 Session on the Digital Currency and how it is revolutionizing the global  trading system and reshaping the way business is done, and how in general it could fundamentally change the way people use money.

Invited Speaker: Dr. Oriol Caudevilla, FinTech Advisor and Management and Strategy Consultant

15:15 –15:30 Q&A Session

15:30-15:50 – Presentation by Dr. Andrew Stoeckel, Honorary Professor, Centre for  Applied Macroeconomic Analysis, Australian National University on the results of the CACCI study on “Achieving a Successful World Trading System”, which aims to examine the operations of the World Trade Organization (WTO) and to stress the need for the business community to recommend what reforms are necessary in the WTO and how to achieve them.

15:50-16:10 Special Presentation by Ms. Angela Paolini Ellard, Deputy Director General of the World Trade Organization (WTO) on “Making the WTO More Adaptable to the Economic and Trade Realities of Today.”  Ms. Ellard will share her views on how WTO members can work together to address the economic and health consequences brought about by the COVID-19 pandemic, what policy responses re needed to get the global economy going again, what challenges are currently faced by the WTO, and what should be done to make the WTO stronger, more agile, and more adaptable to the economic and trade realities  of today.

16:10-16:25 Q&A Session

16:25 – 16:30 Closing Remarks by the Moderator Mr. Peter McMullin

4th Virtual Steering Committee Meeting on May 3 discusses WTO reforms

Chaired by CACCI President Mr. Samir Modi, the fourth virtual meeting of the Steering Committee for the CACCI Study on “Resurrecting the World Trading System” was held on May 3, 2021 starting at 2:00 PM, Taipei time.

A complete list of the attendees is attached as Annex 1.

I. Welcome Remarks by the Committee Chairman

(1) CACCI President and Steering Committee Chairman Mr. Samir Modi once again thanked the participants for joining the May 3 virtual meeting – the fourth since it was established in December 2020.

II. Update and Comments on the Project

(2) Mr. Modi requested Mr. Bryan Clark to provide an update on the project on behalf of Dr. Andrew Stoeckel, who was unable to join the meeting

(3) In his report, Mr. Clark highlighted the following:

(3.a) Mr. Stoeckel had earlier asked the CACCI Secretariat to circulate a paper on the purpose and principles of the WTO system, and to request the Steering Committee members – as well as CACCI Primary Members – to provide their comments on the paper.

(3.b) In the paper, Dr. Stoeckel noted that part of the problem of lack of agreement on the WTO reform is that there is no consensus and resolution on what the WTO should achieve and how to go about it, adding that everyone seems to have his own agenda. He said that it would help the CACCI study and the WTO reform if CACCI had a clear idea on these matters. There is also a need to be mindful of the political environment.

(3.c) Mr. Clark suggested the need to get the Ministries in charge of trade in CACCI member countries to discuss the WTO issue and share what their thinking is in this regard.

(3.d) For this purpose, Mr. Clark proposed that CACCI arrange regular webinars for all CACCI members during which the Trade Ministers (or senior trade officials) from the government of each CACCI member countries will provide their thoughts on the future of global trade and the WTO reform necessary to achieve it.

(3.e)This will also help raise the profile of CACCI across its membership and enable CACCI to gain insights on how the Confederation can gather political force to drive the changes that it wants.

(4) Following Mr. Clark’s update, Ambassador Benedicto Yujuico from the Philippines shared his thoughts on the matter, including the following:

(4.a) There are currently significant “cross-currents” in international trade, such as the Australia-China rift on Australia’s exports to China (e.g., barley, beef, wine, seafood, iron ore, etc.)

(4.b) The situation is further compounded by the ongoing Covid-19 pandemic, which has compelled countries to look inward, raising issues pertaining to food security, vaccine supply security, among others.

(4.c) Under the current global market environment, the issue of trade liberalization seems to be no longer a priority among many countries. Instead, many of them are more concerned with economic self-interests  and national security. They are also increasingly pursuing bilateral economic relationships with other countries, which seems to be driving world trade and is expected to have an impact on multilateral relationships. It may therefore be worthwhile to consider focusing instead on regional trade rather than world trade.

(4.d) Hence, the task in front of CACCI has been made more difficult, trying to encourage world trade in an environment wherein many are taking a more nationalistic stance. It is therefore important to define carefully what the proposed research study wants to achieve and the direction we are going into. For this purpose, there is a need to consult member chambers and seek their comments and inputs on the substance and coverage of the proposed research study.

(5) Mr. Clark agreed with Ambassador Yujuico that troubling time is indeed in front of us and we are faced with a daunting challenge. The major question that CACCI must address is: What if the WTO fails? What does that leave us with? However, past experience and recent developments and difficulties experienced by many countries as a result of the pandemic have demonstrated the need for trade to solve problems that we are currently facing.

(6) Mr. Clark also informed the Committee that a number of regional business associations such as the ICC and the Confederation of Swedish Enterprise (CSE) have expressed interest in the ongoing CACCI study. He said that number of Steering Committee members are scheduled to meet with key representatives of the CSE, which earlier issued – along with other business associations from 14 countries – a joint letter to the WTO Director General calling for increased engagement between the WTO and the business community.

(7) FBCCI President and CACCI Vice President Mr. Sheikh F Fahim expressed for the suggestion of Mr. Clark to “rope in” and involve the trade and economic ministers in CACCI member countries in the current study being undertaken by CACCI on WTO reform. He said that the trade and economic ministers usually have representation in the WTO headquarters in Geneva and they can therefore bring the private sector issues and concerns to the attention of the WTO officials there, adding that they will be the right channel to help CACCI move forward its trade agenda to the attention of the WTO.

(8) Mr. Fahim also informed the Committee of his Chamber’s decision to provide sponsorship of the CACCI study in the amount of US$20,000.

(9) At this point, the Committee members thanked Mr. Fahim and FBCCI for its generous financial contribution to the CACCI study. They also took the opportunity to congratulate Mr. Fahim on his nomination as Vice Chairman of the Indian Ocean Rim Association (IORA) to assume the position in November (IORA is an international organization of 23 states bordering the Indian Ocean which is tripartite in nature, bringing together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them), and earlier as President of the D-8 Chamber of Commerce and Industries (D8CCI) (an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey). Mr. Fahim said he would the support of CACCI members in assuming the responsibilities of his new positions.

(10) Dr. Pedram Soltani commented that since the Bretton Wood Agreement was signed some 70 years ago, the world environment has changed so much. However, the regional and international trade organizations have not updated themselves to be in step with the current world economic and business conditions.

(10.a) He said that he and Mr. Fahim have had a discussion on Chamber 4.0 and that they both agree on the need not just for the private sector but also for governments (and inter-governmental organizations) to upgrade their infrastructure to accommodate technology as well as to recommend to the WTO to re-design itself to accommodate technology as a means, for instance, to optimize and accelerate its decision-making process.

(10.b) He also underscored the importance for the WTO agenda to take into consideration political, social, economic interests, human rights, trade issues, political interests, and environmental issues, among others. This is to avoid the fragmentation of world, he said.

(10.c) Hr also noted that the private sector does not interact with NGOs in identifying issues that need to be addressed. Both the private business and NGOs should respect each interest groups’ values, and demands when making recommendations on how to improve and upgrade the workings of the WTO.

(11) Mr. Peter McMullin, CACCI Vice President from Australia, said that the points raised earlier by Amb. Yujuico, Mr. Fahim, and Dr. Soltani are all valid and important, and proposed that these be conveyed to Dr. Stoeckel for his consideration and possible incorporation into the CACCI study. He therefore expressed his hopes that the meeting was being recorded, to which the Secretariat answered in the positive.

(12) Mr. McMullin agreed that the trade issues we are currently facing are difficult and complicated, and that there are no simple answers. He pointed out that the CACCI study is not expected to resolve all of the issues; however, it should be able to help and point the direction on how to address some of them and bring us halfway forward to their resolution.

(13) Mr. Bryan Clark reiterated the request for members to provide their inputs and comments on the Memo prepared by Dr. Stoeckel on the purpose and principles behind the WTO. It is important for CACCI to understand and know the viewpoints of members on the issues at hand.

(14) The Committee requested the Secretariat to send another reminder to members on their comments to the Memo, and to ask them to respond by May 14.

III. Date of the Next Committee Meeting

(15) The Committee agreed to meet again on May 24 to give enough time for Dr. Stoeckel to consider and accommodate the comments and recommendations submitted by members on the Memo that he prepared.

IV. Annex 1: List of Meeting Participants

Mr. Samir Modi
President, CACCI
Chairman, Steering Committee

Ambassador Benedicto V. Yujuico
Member, CACCI Advisory Board
President, Philippine CCI

Mr. Peter McMullin
Vice President, CACCI
Board Member, ICC Australia

Mr. Sheikh Fazle Fahim
Vice President, CACCI
President, FBCCI

Dr.  Pedram Soltani
Vice President, CACCI
Former First Vice President
Iran Chamber of Commerce, Industries, Mines & Agriculture

Mr. Bryan Clark
Director, Trade & Int’l Affairs
Australian CCI

Mr. Mustafa Bayburtlu
(Representing TOBB President Mr. Rifat Hisarciklioglu)
Head European Union and Foreign Economic Relations Dept.
TOBB

Mr. Ernest Lin
Director-General
CACCI Secretariat

Observers

Ms. Basak Onur
Int’l Relations, In-Charge of Asia Pacific Region
TOBB

Ms. Damia Tufan
International Relations
TOBB

CACCI Secretariat

Mr. Amador Honrado
Deputy Director-General
CACCI Secretariat

Mr. Mig Moreno
Deputy Director-General
CACCI Secretariat

New Asian-led venture to revive the WTO

The foremost network of business groups from the Asia Pacific has commissioned renowned macroeconomist Dr Andrew Stoeckel to author a study on resurrecting the world trading system.

The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), a network of national chambers from 27 economies across Asia and the Western Pacific, will deliver an evidence based argument and plan for reforming the World Trade Organisation (WTO) as well as the relationships with the major global intergovernmental institutions, following the completion of the study mid this year.

As a founding member of CACCI, The Australian Chamber of Commerce & Industry (ACCI) will be managing the project with Dr Stoeckel on behalf of the network.

The WTO (together with its predecessor GATT) has been in situ since the end of the Second World War, regulating trade, global relations and resolving disputes on the movement of goods and services.

However, the current global market environment has made trade liberalisation less of a priority among many countries, threatening the sustainability of the WTO.

The newly commissioned research is a flagship project for CACCI and will provide insight for the entire global trading community. The results will be released in mid-2021 in time for consideration by the next WTO Ministerial Council.

Quotes attributable to CACCI’s regional business leaders:

CACCI President Samir Modi (India) said: “It is an opportune time to examine how the world trading system has deteriorated to its current state, and what can be done to remedy the situation.

“Many countries are more concerned with national security and economic self-interests, leading to a rise in nationalism and protectionism regionally and globally. And, given the growing trend to pursue bilateral economic relationships among many countries, the prevailing circumstances are expected to have further adverse impact on multilateral relationships.

“CACCI, with its initiative to conduct the study ‘Resurrecting the World Trading System’, hopes to focus efforts to the right questions and processes to achieve this important objective.”

CACCI Advisory Board Chair and CACCI President Emeritus Ken Court (Australia) said in a time of rapid communications and decision-making, the resolution of international trade disputes needed to be simplified.

“Most CACCI member nations are medium or small players with much at stake in a global multilateral system – they depend on stable and predictable rules governing international trade and investment.

“A clear mechanism enabling prompt decision-making will not only assist business but also lead to more open dialogue between nations,” Mr Court said.

CACCI Policy Advocacy Working Group Chair and Australian Chamber of Commerce & Industry Trade Director Bryan Clark (Australia) said the WTO’s importance “had been forgotten amidst the pursuit of free trade agreements.

“One of key reasons for establishing the global rules-based trading system was to avoid a repeat of the destructive trade tensions experienced before World War II.

“But rising protectionism, the proliferation of FTAs, trade sanctions and the failure of the dispute settlement body, coupled with rising uncertainty with lower investment, spell great trouble for the world.

“We desperately need this study to address current shortcomings in the system and recommend a path back for the WTO, which is why securing an economist of Dr Stoeckel’s expertise is a boon for the confederation.”

CACCI Advisory Board member Jemal Inaishvili (Georgia) said the promotion of free trade in the region had faced “a lot of challenges in the past”.

“We have seen tensions in trade relations between world and regional leaders, which were not helpful for economic growth.

“Last year, we witnessed enormous disruptions caused by the COVID pandemic, and the difficult situation will certainly continue in 2021. We all are hopeful that by the end of the summer the situation will start to gradually improve.

“All this makes the development of international trading system based on promotion of free trade

even more relevant, and the above-mentioned study will only contribute to achieving our goals.

CACCI Vice President Peter McMullin (Australia) said the CACCI trade study is a “vital piece of leadership at this critical stage in our collective history”.

“The world trading system is in disarray and needs a reset. The study will diagnose the problem and suggest possible and practical solutions. The CACCI Steering Committee will provide the necessary oversight of the study and ensure that it remains focussed on the task at hand.

“Doing nothing is not an option for any of our valued members. We owe it to the rich and productive history of CACCI to embrace this study.

“As trade is foundational to the economic recovery, I think it is in all our interests to seek to advocate that recommendations from the study are adopted by the broader business community and its many organisations.

CACCI Vice President M. Rifat Hisarciklioglu (Turkey) said greater cooperation at the WTO “can defuse trade tensions and provide greater certainty for international trade.”

“Trade is the engine of economic growth and catalyser of peace, prosperity and security. The world economy needs less unilateralism and more multilateralism.

CACCI Vice President Pedram Soltani (Iran) said protectionism “had never been so threatening” to globalisation since the inception of the WTO.

“Asia, the driving force of the global trade growth in the 21st century, has to be more sensitive to such threats. CACCI, as a continent-wide organisation for the private sector, has correctly and timely felt the exigence of paying attention to the headwinds of the World Trading System,” Dr Soltani said.

“The future of the world trade should be more protected by those players who have a higher stake in shaping it.”

CACCI Vice President Sheikh Fazle Fahim (Bangladesh) said developing economies needed sustainable, equitable rules to achieve development goals and grow new industries with ease of market access.

“Developing economies find it difficult to expand their own emerging industries, as multinational companies have competitive advantage in the current global business environment. So, it is imperative promising economies are able to establish and maintain interconnectivity and collaboration among potential trade partners.

“Therefore, the need for a study that explores all these new challenges, gaps, and inconsistencies and finds an inclusive solution for world trade to become an effective system again that leaves no one behind, is paramount.”

Further information:

Marie Hogg | Senior Media Adviser – ACCI – +61 431 299 518
(c) Australian Chamber of Commerce and Industry 2021
Level 3, 24 Brisbane Avenue
BARTON ACT 2600
P | 02 6270 8000
E | info@australianchamber.com.au
W | www.australianchamber.com.au

Steering Committee for CACCI Study on World Trading System holds 2nd Meeting on March 2, 2021

The second virtual meeting of the Steering Committee for the CACCI Study on “Resurrecting the World Trading System” was held on March 2, 2021, from 2:00 PM to 3:30 PM, Taipei time. Chaired by CACCI President Mr. Samir Modi, the meeting drew the participation of members of the Steering Committee or their representatives, and CACCI Secretariat officers.

Among others, the meeting considered emerging issues that will have to be considered by the study; reviewed feedback on the CACCI study from regional organizations and from CACCI Primary Members; exchanged views on the Committee members’ reactions to the progress of the study; and discussed other relevant issues and concerns they have on the project at this stage. The Committee agreed to meet again on April 6.

Steering Committee for CACCI Study on “Resurrecting the World Trading System” holds 1st virtual meeting

The Steering Committee for the newly commissioned study by CACCI on “Resurrecting the World Trading System” held its first virtual meeting on February 2, 2021.

Committee members include CACCI President Mr. Samir Modi; Chairman of the Advisory Board and CACCI President Emeritus Mr. Ken Court; CACCI Advisory Board Members Amb. Benedicto Yujuico from the Philippine Chamber of Commerce and Industry, and Mr. Jemal Inaishvili from Georgian CCI; CACCI Vice Presidents Mr. Peter McMullin of ICC Australia, Mr. Rifat Hisarciklioglu of TOBB, Mr. Sheikh F Fahim of FBCCI, Dr. Pedram Soltani of ICCIMA, and Mr. Teruo Asada of JCCI; Chairman of the CACCI Working Group on Policy Advocacy Mr. Bryan Clark from Australian CCI; and CACCI Director-General Mr. Ernest Lin.

During the meeting, members were briefed by Mr. Court on the background and purpose of the proposed study project, which is not only timely given that CACCI member countries are now facing a new world order, but will also ensure that CACCI is seen as a serious policy advocate for the business sector in its efforts to address the currently complicated trade and investment issues.

Mr. Clark then clarified the role of the Steering Committee, which is to ensure that the study is conducted in an orderly way and that the agreed timelines and expectations are met. Among others, the Committee would assist CACCI in such tasks as:

1. developing an appropriate policy response to advocate in ways that will achieve satisfactory reforms of the WTO based on the report recommendations
2. identifying appropriate supporters within the business and political landscape who can become partners and ambassadors for the project and its outcomes
3. engaging the home nations of CACCI members to garner national support for the report recommendation and policy position of CACCI.

To ensure all things remain on track for the duration of the project, the Steering Committee has agreed to meet once a month, with the next meeting scheduled for March 2.

Research Study Proposal on “Resurrecting The World Trading System”

Background

In 1990, the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) commissioned the Centre for International Economics (CIE) in Australia to undertake a study and report entitled “Western Trade Blocs“ which was launched at a CATO Institute event – (Please see page 5 of the September/October 1990 issue of the Cato Policy Report which can be accessed and downloaded through the following link:  https://www.cato.org/sites/cato.org/files/serials/files/policy-report/1990/10/v12n5.pdf). The report was then presented at a number of subsequent meetings including the ICC World Council meeting of that year.

Back when CACCI did the “Western Trade Blocs” study the issue was “Fortress Europe”, shutting out Asia and there was no satisfactory trade analysis model ‘on the shelf ‘ at the time to show what was at stake. This CACCI did and it was helpful in addressing the issue. It led to briefings of the Taiwanese Cabinet (and President) and high-level meetings around the world.

Now, 30 years on and with pandemic, trade tensions, military tensions, the rise of China and the rules-based order faltering, CACCI is again willing to undertake a contemporary study on trade liberalisation.

The context of the trade issue facing business across Asia and globally has now changed. Now, the issue is the demise of the global trading system and extreme uncertainty about the future. Most CACCI member nations are medium or small players in the global system with much at stake in a global multilateral system of stable and predictable rules governing international trade and investment.

It is a deep-seated problem, not easy to fix (otherwise we would have fixed it by now), hence, requiring significant resources and commitment to solving.

While issues with the WTO and other institutions are well known, governments have struggled to overcome these and have allowed confidence in these institutions that  have been in place for many decades, to become seriously eroded.

Business now needs to step into the breach and provide detailed analysis of the current situation and the reforms needed to support the world in a post-COVID growth phase that will be needed by all.

The CACCI study also comes at a time when leadership of both the WTO and the OECD are being renewed. The WTO Ministerial Council (MC12) has been delayed and is now being planned to be held in Nur-Sultan, Kazakhstan in June 2021.

The outcomes of the CACCI study will assist to inform and support WTO reform to ensure that the next generation of growth has the appropriate institutional framework for rules-based trade. The CACCI report should be ready in time for the MC 12 meeting currently planned for June 2021.

The project will comprise of a contemporary study and macroeconomic assessment covering the following issues:

(1) The world trading system as a public good

The multilateral trading system is a global public good that can aid exchange and investment to the benefit of everyone, currently provided under a set of international agreements supervised by the WTO.

(2) The demise of the trading system and WTO

This system is breaking down:

• Failure of Doha Round (despite millions of dollars spent)
• Rising protection, especially NTB’s – the most pernicious sort!
• Resort to trade sanctions to get geopolitical aims (eg nuclear disarmament in Iran, human rights in Hong Kong etc)
• Outright trade wars (e.g., between US and China)
• The proliferation of FTA’s, many of which are not welfare-enhancing
• Failure of dispute settlement body
• Rising uncertainty with lower investment

(3) Why this breakdown matters?

This breakdown matters enormously:

• Costs x% of world GDP and y% lower investment (results from a global macro model)
• While it is in each country’s interests to open trade unilaterally, acting together offers far larger gains and lower adjustment costs

(4) Why has the breakdown happened?

The breakdown has happened for several reasons:

• Inconsistencies, loopholes, confusion in current rules that give mixed messages to the public about the benefits of global trade
• Lack of institutional repair as things have changed (e.g., data sharing, knowledge and technology transfer, IP, how to handle SOE’s, etc.)
• Trying to get trade policy to do too much in areas it has no business (e.g., human rights, labour standards – need to “stick to its knitting”)
• Geopolitical realignment and lack of hegemony – US-China shift
• Lack of genuine transparency and informing domestic constituency about benefits and costs of barriers to trade and investment

(5) What to do to fix the system

The way forward is to address these shortcomings:

• Need to revise, revamp existing loopholes, remove inconsistencies, simplify rules down to core elements (especially Rule #1 and Rule #3)
• New rules to address new issues
• Deal with global issues in the right fora – “stick to trade and commerce knitting” (e.g., human rights to the human right commission, etc.)
• Introduce genuine domestic transparency on trade policies
• Have the new Secretary General of the WTO set up an expert panel (as was done before in the Leutwiler report) to nut out these issues

Steering Committee for CACCI Study on World Trading System Formed

As part of preparations for the conduct of the CACCI research study on “Resurrecting the World Trading System”, a Steering Committee has been formed to ensure that the study is conducted in an orderly way and the agreed timelines and expectations are met.

Composed of CACCI officers and other selected CACCI members, the Committee is expected to  play an important role in helping the research to achieve its potential by providing valuable comments and inputs on the substance and coverage of the research study.

The study will cover the following topics: (a) The world trading system as a public good; (b) The demise of the trading system and WTO; (c) Why this breakdown matters; (d) Why has the breakdown happened; and (e) What to do to fix the system. The study is seen as an opportunity to reposition CACCI as a serious policy advocate for the business sector (and in particular small business) on a global scale.

CACCI Council endorses research study on “Resurrecting the World Trading System”

CACCI Council members at the recently concluded 92nd CACCI Council Meeting held on November 20, 2020 approved the proposal made by the CACCI Advisory Board to commission a research study on “Resurrecting the World Trading System.”

In 1990, CACCI commissioned the Centre for International Economics in Australia – under the leadership of Dr. Andrew Stoeckel – to undertake a study and report entitled “Western Trade Blocs”. Today, some 30 years on and with the pandemic, trade tensions, military tensions, the rise of China and the rules-based order faltering with the World Trade Organization (WTO) losing its way, it was proposed that CACCI should again conduct a contemporary study on trade liberalisation. To this end, several CACCI Officers, among them Advisory Board Chariman Mr. Kenneth Court, President Samir Modi, CACCI Vice President Mr. Peter McMullin, and Mr. Bryan Clark from the Australian Chamber of Commerce and Industry (ACCI) — once again approached Dr. Stoeckel – currently Honorary Professor at the Centre for Applied Macroeconomic Analysis at the Australian National University – to prepare a proposal on the research study.

The new study will cover the following topics:

• The world trading system as a public good
• The demise of the trading system and WTO
• Why this breakdown matters
• Why the breakdown happened
• What to do to fix the system

The research study is estimated to be completed within 12 months, with the final draft ready in 10 months. Review of the final draft is expected to be completed in one month, with an additional month to incorporate comments. The CACCI Council agreed on the importance of the proposed study to help address current issues surrounding trade and investment, while at the same time raising the profile of CACCI as a serious policy advocate for the business.

Samir Modi, CACCI President and Executive Director, K. K. Modi Group

The current global market environment – with many countries more concerned with national security and economic self-interests, leading to a rise in nationalism and protectionism regionally and globally – has made the issue of trade liberalization less of a priority among many economies. And given the growing trend to pursue bilateral economic relationships among many countries, the prevailing circumstances are expected to have further adverse impact on multilateral relationships. It is therefore an opportune time to examine how the world trading system has deteriorated to its current state, and what can be done to remedy the situation. The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI),  with its initiative to conduct the study on “Resurrecting the World Trading System”, hopes to focus efforts to the right questions and processes to achieve this important objective.

Mr. Kenneth Court, CACCI Advisory Board Chairman and CACCI President Emeritus

In a time of better communications and rapid decision-making, the resolution of international trade disputes needs to be simplified. A clear mechanism enabling prompt decision-making will not only assist business but also lead to more open dialogue between nations.

Mr. PeterMcMullin, CACCI Vice President and Board Member, ICC Australia

The proposed CACCI trade study is a vital piece of leadership at this critical stage in our collective history.

As we all know, the world trading system is in disarray, and needs a reset. The study will diagnose the problem, and suggest possible and practical solutions. The CACCI Steering Committee will provide the necessary oversight of the study, and ensure that it remains focussed on the task at hand.

In the post Covid-19 environment, we all need to find ways to build back better, stronger and differently. Doing nothing is not an option for any of our valued members.

We owe it to the rich and productive history of CACCI to embrace this study, and to promote it not only with our members in the Asia-Pacific region, but with the entire global community. As trade is foundational to the economic recovery, I think it is in all our interests to seek to advocate that recommendations from the study are adopted by the broader business community and its many organisations.

Dr. Pedram Soltani, CACCI Vice President and Former First Vice President, ICCIMA

The world is in the midst of drastic changes and the impacts of such changes have grappled the world trade. Protectionism has never been so threatening the globalization since the inception of WTO. Asia, the driving force of the global trade growth in the 21^st century, has to be more sensitive to such threats. CACCI, as a continent-wide organization for the private sector, has correctly and timely felt the exigence of paying attention to the headwinds of the World Trading System.

The future of the world trade should be more protected by those players who have a higher stake in shaping it. I am privileged to be a member of the steering committee of the research project about flaws and present challenges of the world trade system, run by the CACCI and believe it could be a flagship work of this multilateral institution.