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.