WEF 2022: How trade policies can better serve all sections of society  

With geo political situations impacting global trade and Covid-19 pandemic disrupting the supply chain, countries are facing an enduring crisis. Inflation and rising tariff barriers around the world have made free trade a big challenge. New types of trade create new challenges and require multilateral agreements to adequately govern them. Trade needs a revolution, and it is now time to focus on the individual and not just organisations in order to ensure a trading system that is centered on human needs and gains and that benefits all countries. 

In a special conversation with Business Today at The World Economic forum in Davos, Arancha Gonzalez Laya, Dean, Paris School of International Affairs comments that trade adds openness and reduces barriers by creating ample number of opportunities. "Trade rules create opportunities, and that makes it possible to turn into realities through trade finance, and trade intelligence. We should go beyond this and have a system where trade works for all. It is in the hands of finance ministries and education ministries to make trade much more human-centered," said Laya.  

Reta Jo Lewis, President, Export-Import Bank of United States focused on Individuals to be an important part of everyday economy. "We have to have an economy that is for everybody, and that benefits everybody. But we need to decide who everybody is. EXIB has a mandate to make funds available for small businesses. We have made it inclusive in a way that we break down the dissemination of funds to women, minorities, tribal communities, LGBT etc. We rose to 10 per cent during the pandemic in terms of making funds available for everybody. $381 million were given to minority women in 2021. The proof is in the data. We are being aggressive on how to get local communities, local leaders involved and to be able to let them know that the table is there for them to pull their seat up," said Lewis. 

Cenk Alper, Chief Executive Officer of Sabanci Holding, who is also a member of Turkish Industrialists and Businessmen's Association commented on the importance of the scoping module for understanding human-centered trade. "Minimum wage guarantees, creating equal opportunities for minorities, supply chains with ESG principles and digitisation of supply chains will help in free trade. Digital marketplaces are transparent places where you can fairly compete with others. Innovation along with digitisation will add to easy access of capital and sell your idea better in the market,” said Alper. He also spoke about the relation between private sector and supply chains where involvement of Private players will add to the financing and competency-based opportunities for the whole sector.

Helena Leurent, Director-General of Consumers International commented on the legitimate needs of end users in a marketplace. "Access, protection, safety, information, education, privacy etc. All the UN member states agree to this, and formed the basis of consumer policy and yet they are disconnected. Product safety is becoming a major issue online, and it's not just lack of information but we need to look into how sustainability is linked with trade,” said Leurent.

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