Asia is changing ME trade equation
dubai — The Middle East is an increasingly important element in the rise of Asia, which is changing the balance of world power in the 21st century, Lord Green of Hurstpierpoint, Chairman of Asia House, said on Sunday.
Welcoming participants to the “The New Global Trade Order’ conference hosted by DMCC, the world’s leading free zone for commodities trade and enterprise, in partnership with Asia House, Lord Green said the pivot by the Middle East’s towards Asia raises new questions and challenges, but brings a balance of new opportunities. “It is changing the trade equation for every country in the Middle East.”
“There can be nothing more important to all of us in the 21st century than the rise of Asia, which is changing the balance of world power. The Middle East is an increasingly important element in that rise,” said Lord Green.
About 20 years ago, almost 60 per cent of non-oil exports from the Middle East went to the EU, with just 20 per cent going to Asia. Today, less than 40 per cent goes to the EU, while the Asian share has risen to 35 per cent, he said. “Where else, then, should we have held this important discussion than in Dubai, a city that is home to the largest container port between Rotterdam and Singapore, and one that is already capitalising on Asia’s
Executive chairman, DMCC
The doors to trade remain wide open if you just look in the right places — especially in Asia Ahmed bin Sulayem,
rise,” said Lord Green. More than 300 policymakers and leading figures from the global trade and investment industries gathered to discuss ways to better understand the emerging world trade system given the current challenges to free trade. The conference also addressed Asia’s important role in contributing to the Middle East’s economic growth. Speakers at the event included Michael Lawrence, Chief Executive of Asia House, Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry; and Suresh Prabhakar Prabhu, India’s Minister for Commerce and Industry.
Abdulla Al Saleh, Undersecretary for Foreign Trade, Ministry of Economy, who delivered the keynote speech, said His Excellency said the aim of the conference is to provide insights and analysis to help business leaders and policymakers better understand – and capitalise on – the new global trade order.
“I believe that Dubai has a growing role here, and it is fitting that this discussion is taking place at DMCC – a world leading free zone, and we are delighted that Asia House has decided to host its first Middle East conference here in Dubai,” said Al Saleh. Ahmed bin Sulayem, executive chairman, DMCC, said across all the industries DMCC operates in, Asia consistently proves to be an open and willing partner to do business. “The businesses in the region are also very receptive to our approach to remove all possible barriers to trade, and enable global trade flows to pass through this city.”
“Despite the challenging global economic situation, the doors to trade remain wide open if you just look in the right places – especially in Asia,” he said. The first panel on “The Future of Trade” addressed the key trends emerging in the global economy, highlighting the challenges and opportunities these present to businesses operating between Europe and the Middle East and the rest of Asia. The emergence of new trade hubs to service the shifting trade order and the geographies likely to benefit were a particular focus. Also the agenda was a discussion of China’s new approach to infrastructure development beyond its borders through the Belt and Road initiative. The panel identified the initiative’s progress to date and highlighted the commercial opportunities and economic impact of the initiative to the Middle East, and Asia more widely.
The panel on the digitalisation of trade focused on the impact of new technologies and infrastructure development as they enable new forms of connectivity between economies, especially among emerging markets, regional blocs and trade hubs across Asia.
— issacjohn@khaleejtimes.com