ESCAP sustainable Business Network (ESBN) President Mahbubur Rahman has said there will be no gainers from current trade war.
Mr Rahman came up with the remark while delivering the welcome speech at the Asia-Pacific Business Forum (APBF) 2018 at Cyberport in Hong Kong recently.
“Open markets are – and will remain – the key driver of economic growth, prosperity and job creation across the world. Families that struggle to make ends meet will be hardest hit by any new tariffs which will inevitably push up prices at the till and restrict consumer choice”, he said, adding that in a globalised world trade is not a zero-sum game – and policy decisions must reflect this reality.
In his speech, Mr Rahman mentioned that ICC encourages the US administration and its trading partners to seek alternative means to address the longstanding issue of steel and aluminium glut. Recent years have seen a notable decline in trade distorting measures in these sectors and further progress can only be made through enhanced multilateral dialogue.
Rising trade tensions must not become an excuse for recklessness: we urge all governments to act within the bounds of existing WTO rules and to commit to accelerated talks under existing international processes, Mr Rahman observed.
The Asia-Pacific Business Forum 2018 aims to identify how businesses engagement in achieving inclusive and sustainable development in the Asia-Pacific region can be strengthened.
