“The economic recovery after the epidemic and geopolitical tensions, specifically the trade frictions between China and the United States, will influence the global trade pattern in the 1920s. The covid-19 pneumonia epidemic affecting the world has brought a huge economic impact, and its speed The magnitude of this has never been seen before, but it has also accelerated the development of trends such as cryptoization, realignment of global supply chains, and reconsideration of the role of national/regional security in trade policy, and has greatly shaped the future of trade.” The Dubai Multi-Commodity Exchange Center (DMCC) recently published the analysis in the “Future of Trade 2020” report.
“The Future of Trade” is the DMCC’s in-depth analysis of global trade trends. The 2020 report is already its third edition. This report analyzes the impact of geopolitics, technology and global economic trends on future trade. Its focus includes trade growth. , Supply chain, trade finance, infrastructure and sustainable development. In addition to providing analysis, the report also provides clear and practical trade policy recommendations for the government and enterprises.
DMCC Executive Chairman and CEO Ahmed Bin Sulayem (Ahmed Bin Sulayem)
“At present, global trade is in an unprecedented situation, and the “Future of Trade” report aims to explore various possible scenarios on the way forward. Although there are still many uncertainties in the current economy, the report clearly pointed out that Strong cooperation is crucial to the future of trade and even economic recovery. Finding common ground for all parties and working together to promote international trade is a key factor for success.” Ahmed bin Sulei, Executive Chairman and CEO of DMCC Ahmed Bin Sulayem said that through the report’s research, the DMCC not only clearly listed the obstacles affecting the development of global trade, but also proposed solutions to remove these obstacles.
DMCC Chief Operating Officer Feryal Ahmadi (Feryal Ahmadi) added: “2020 is a tipping point for the global trade order, which will define its development direction in the next 10 years. “The Future of Trade” report It shows that if companies and governments can work together to overcome existing obstacles, they will achieve positive results. In our research report, we have identified four key elements. If these elements are integrated, they can be promoted by 2030 Trade grew by US$18 trillion. These factors include technology that supports trade development, the growth of cross-border service trade, trade policy, and investment in trade-related infrastructure.
DMCC Chief Operating Officer Feyal Ahmadi (Feryal Ahmadi)
This will play a vital role through continuous innovation in the supply chain, formulating trade policies, and establishing partnerships. Although the economic priorities of different countries are different, and the degree of aggressiveness of the political and economic circles of various regions on ESG (environmental, social, corporate governance) and sustainable development is also different, the impact of ESG and sustainable development on the trade pattern cannot be ignored. In conclusion, the key to promoting global trade lies in strengthening collaboration and establishing new ways of cooperation. Providing judgments about the future direction, not just an analysis of the current situation, has always been vital to the DMCC. Therefore, the entire report has made practical recommendations for the government and enterprises. ”
Technologies such as artificial intelligence, blockchain and crypto platforms have the potential to promote trade by improving efficiency, reducing costs, and opening up new business and trade opportunities. Technology will play an important role in promoting the growth of cross-border service trade. However, the relationship between technology and trade growth is becoming more and more blurred. Technology may lead to the shortening of global value chains and have a wider range of structural effects on the global economy.
Global trade tensions have hindered the progress of multilateral trade liberalization and have stimulated a new wave of protectionism. However, after major innovations, there is still room for trade policy to promote trade growth in the 2020s, which will result in a more complex new trade order consisting of bilateral, regional and plurilateral agreements. Forums such as the Group of Twenty (G20) will become more important in promoting policy formulation on key issues such as data trade.