COVID-19 has potentially altered global trade dynamics as countries across globe struggle with disrupted economies around investing in supply chains, geopolitical challenges, digital technologies and diversifying exports. The observation was made by industry experts during a recent panel discussion that was hosted by Dubai Chamber of Commerce and Industry. The virtual event was titled Global Trade – A Paradigm Shift. It was organized as part of the Chamber’s 360 Dialogue Series. The series offers an exclusive platform for sharing of knowledge and conducting an open dialogue on issues of interest to Dubai businesses. It thereby supports the Dubai Chamber’s efforts to keep Dubai’s business community updated of the latest economic developments and market trends. 

The discussion was joined by Kebour Ghenna, Executive Director Pan African Chamber of Commerce and Industry; Dr. Taimur Baig, Managing Director and Chief Economist, DBS Group Research; and Javier Peña Capobianco, Secretary-General, Association of Latin American Service Exporters. The participants shared insights on latest trends that are reshaping market economies, the sustainability of supply chains, changes in trade finance and policies, and the increase of cross-border trade. The panelists noted that both policymakers and businesses need to tweak their strategies towards more flexible yet durable trade ecosystems, considering the implications of these factors.

In his welcome remarks, Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber, labeled Dubai as a trade hub that has shone as resilient destination amid pandemic. This is attributed to the proactive approach of leadership, strict preventative measures, world-class logistics facilities and advanced digital infrastructure that has ensured continuity of business.

Al Hashemi further called for the development of new initiatives to promote international trade in the pandemic era, such as Dubai’s World Logistics Passport. He said that the initiative is bolstering emirate’s ongoing efforts to promote its foreign trade. He added Dubai is in a strong trade position through the support of Dubai Chamber’s representative offices that are strategically located across Eurasia, Africa and Latin America. 

“The Dubai Chamber’s 360 Dialogue series draws on the expertise of governmental and business institutions from various parts of the world, offering participants valuable insights about trade trends that are impacting companies around the world, enabling them to stay one step ahead and plan for post-Covid recovery,” Al Hashemi added

 WAM