ISO 9001:2015 Certified
closex Call Us 11-23320714, 23721504, ficci@ficci.com

 Upcoming Event
to forge a partnership on Technology Commercialization Initiative, FICCI-AMITY and IC2 Institute University

Trade will remain fundamental to global economy; needs to evolve with emerging technology, business and policy innovation 

Oct 26, 2017


NEW DELHI, 26 October 2017: Trade will remain the main engine of growth for the global economy but it needs to evolve with respect to emerging technology, business and policy innovation. The export-led growth strategy will yield results only when the surpluses generated from such growth are deployed for public good.

 

This was stated by Dr. Mukhisa Kituyi, Secretary-General, United Nations Conference on Trade and Development (UNCTAD), while delivering a thought leadership lecture on ?Globalisation and its Challenges to the Trade and Development Agenda? organized by FICCI and CUTS International.

 

Mr. Kituyi said that UNCTAD was promoting policies to create conducive and stable ecosystem for economic growth and sustainable development. Citing examples of nations around the world, which successfully revamped their economies with export-led growth, Mr. Kituyi said that some of the countries ploughed back their surpluses majorly for public good and used only a part of it to further pursue export-led growth on a sustainable basis. Nations which relied only on growth via exports were faced with challenging issues.

 

He said that international markets need to be open and also ensure that trade does deliver. Without policies for sharing prosperity, trade can increase inequalities, heighten social tensions and raise the prospect of outright unrest. Without policies for protecting the planet, trade can weaken ecosystems. When world trade doesn?t work for the benefit of all, the promise of globalization is called into question.

 

He said that policy makers can help reverse the growing mistrust in the global trading system by ensuring that trade agreements are aligned with economic and social needs and aspirations of the people. He added that many a time trade agreements are fast-tracked by legislatures without enough debate on the potential negative effects certain provisions could have on different segments of the population.

 

Dr. Rathin Roy, Director, National Institute of Public Finance and Policy & Member, Prime Minister?s Economic Advisory Council; Dr. Sanjaya Baru, Secretary General, FICCI; and Mr. Pradeep S Mehta, Secretary General, CUTS International, also shared their perspectives on the topic. 


FICCI MEDIA DIVISION

FICCI MEDIA DIVISION

 

 

 

Also Read

Event:  Lecture on 'Globalisation and its Challenges to the Trade and Development Agenda'

 

Leave your Comment

Media Contact

Santanu Ghosh
Senior Director
  +91 11 23738760-70 (Extn 296)
  santanu.ghosh@ficci.com
FICCI
Federation House
Tansen Marg, New Delhi 110001