24 25 26
May 2018
1 June
Bloomberg TV Debates

WHAT’S NEXT FOR THE GLOBAL TRADING SYSTEM?

15:00-16:15 Pavilion G, Conference Hall G6
Over the past decade, major economies have launched an unprecedented race to conclude preferential agreements, with their number exceeding 400. The US and the EU were on the verge of megadeals to conclude the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership, and proposals are circulating for setting up a global trade regulation system as an alternative to the World Trade Organization. However, on January 23, 2017, the US President signed an executive order on US withdrawal from the Trans-Pacific Partnership. Does this mark the end of globalization in the modern era and the start of a new surge of national protectionism? Does the WTO have a chance to rehabilitate itself in the eyes of global trade parties, or can we expect the US to try and exercise new regulatory tools to govern trade?
Moderator:
Erik Schatzker, Anchor, Editor-at-Large, Bloomberg Television
Panellists:
Ivan Glasenberg, Chief Executive Officer, Glencore
Poh Koon Koh, Senior Minister of State, Ministry of Trade and Industry & Ministry of National Development of the Republic of Singapore
Leyla Mammad Zada, Chief Operating Officer, Summa Group

Highlights

The first cycle commodities eventually reaches it's peak at a particular time when the country is being developed. Second cycle commodities is what countries need when it moves to industrialization. The focus for business development is to wait when the right opportunity presents itself and look at it.

Ivan Glasenberg
Chief Executive Officer, Glencore

There is a consensus among eleven countries of Trans-Pacific Partnership who want to continue to promote open trade in a multilateral fashion. ASEAN continues to create an Asian economic community to promote free flow of trade and services, to better integrate a trade region, Asia-Pacific region into a 16-countries trading block.

Poh Koon Koh
Senior Minister of State, Ministry of Trade and Industry & Ministry of National Development of the Republic of Singapore

Technologies let people to get cross different national borders and this trend is going against what protectionist is trying to do.

Poh Koon Koh
Senior Minister of State, Ministry of Trade and Industry & Ministry of National Development of the Republic of Singapore

As people get more educated they might not want to do that kind of jobs anymore, they want to move up the value chain as well. And that was time to change. We made a decision to face out cheap manufacturing from our economy. And now we have a different kind of manufacturing: it is precision manufacturing, advanced manufacturing.

Poh Koon Koh
Senior Minister of State, Ministry of Trade and Industry & Ministry of National Development of the Republic of Singapore

It is new era for trading industry. Markets are so transparent so people don’t have benefit of understanding one market against another one. If in previous era you could analyse market on monthly, weekly basis, now you need to do it almost on hourly basis.

Leyla Mammad Zada
Chief Operating Officer, Summa Group

The one can argue that manufacturing era for US is over. Bringing back these jobs, the value creation for these jobs is really small comparing to what e-commerce, what internet economy brings to US.

Leyla Mammad Zada
Chief Operating Officer, Summa Group

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