Fifth China International Import Exhibition
05 November 2022
Your Excellencies,
Ladies and gentlemen,
Dear friends,
It is a pleasure and an honour to participate in the Fifth China International Import Exhibition and Hongqiao International Economic Forum.
The interdependence of the global economy requires solidarity and collaboration among nations.
The global solutions to overcome the challenges the world faces today: like climate change, the COVID-19 pandemic, the war in Ukraine, and the cost-of-living crisis require solidarity and collaboration among nations.
It is in this spirit that I warmly welcome the launch of the World Openness Report 2022, taking place in this Forum.
The Report is a major contribution to our understanding of the current state of play in our economy, society, and cultural exchanges.
However, it is a cause for concern that the Report finds continued downward trends in the world openness since 2020, the year in which we experienced the global pandemic and needed openness the most.
Unfortunately, chances are that this trend may continue further in 2022, as (and I quote) “world trade is undergoing profound changes unseen in a century”, as the Report wisely notes. One of the alarming economic challenges we are facing today is the rising cost of living.
All countries, whether developed or developing, are affected, but developing countries are being hit disproportionately.
This phenomenon is compounded by rising interest rates, which is devaluing the currencies of the Global South, making their imports more expensive, and their debts more onerous to pay.
This, alongside rising geopolitical tensions, continued bottlenecks in global supply chains, and volatility in commodity prices, will make trade developments highly uncertain in the coming years.
However, at UNCTAD we are witnessing three clear trends in global trade, which are set to continue despite the ongoing turbulence.
One, an increase in environment, digital and data-oriented regulation, which is seeking to produce leaner, more resilient and sustainable supply chains.
Two, an increase in the trade in services, and especially in the technological intensity of trade, at all levels of the supply chain, to the point where technology is fast becoming a key area of competition in an era of reconfiguration.
And third, lastly, an increase in the role of regions, and regional trade agreements, in trade itself.
This last factor is why we celebrate the entry into force of the Regional Comprehensive Economic Partnership, the largest regional free trade area in history, covering about 30 per cent of the world population and GDP.
The role of China, through its partners in ASEAN, in seeing this agreement come to life has been paramount.
According to UNCTAD research, RCEP is expected to boost exports of participating countries by more than 10 per cent by 2025, or over half a trillion dollars in net value added.
The RCEP will also accelerate regional integration in the East Asia and Pacific region, and importantly, do it in a way that increases openness around the world.
Furthermore, with the potential of China joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, China emphasizes its role as a promoter of open and regional trade around the world.
Excellencies, ladies and gentlemen,
China’s leadership in sustaining global openness and cooperation is more important today than ever.
China plays a pivotal role in upholding and promoting a universal, rules-based, open, non-discriminatory, and equitable multilateral trading system.
And it can play an even greater role in the global efforts towards transforming multilateralism for sustainable development, as called for by the Bridgetown Covenant adopted at UNCTAD 15 Conference in 2021.
We commend China’s continued active role in this regard and look forward to collaborating further with China in areas of our mutual interest.
Thank you.
