International Trade
International Business Hub
The Chamber is backing European Union attempts to reform the World Trade Organisation. President Trump’s administration is already at loggerheads with the WTO, which it says is biased against the US. Because of that, Trump is currently blocking
key appointments to the WTO, and threatening to pull out of the organisation altogether. The WTO is an intergovernmental organisation
that regulates international trade and has been in existence since 1995. The organisation deals with the regulation of
trade in goods, services and intellectual property between countries by providing a ‘floor’ of rules and regulations that countries must abide by, alongside a dispute resolution process aimed at enforcing compliance with WTO agreements. The WTO will be of increasing importance to
the UK once Brexit happens – and it is hoped that reforms can take place that will satisfy all parties.
China set to be largest economy in the world
China will be the world’s largest economy in 2030, overtaking the US, while India – currently the seventh biggest –will be third, at the expense of Germany and Japan. That’s the conclusion drawn by HSBC in a
new report it has carried out into the economic prospects for 75 countries in developing, emerging and frontier markets. The bank found that emerging economies
will account for roughly 50 per cent of global gross domestic (GDP) by 2030. The report said that China would continue
to be the single biggest contributor to global growth, but another five Asian economies would be among the world’s six fastest-growing economies – Bangladesh, India, Philippines, Pakistan and Vietnam. In terms of employment trends, the
report found that by 2030, Africa would have more working-age people than China. Its working-age population is set to grow by more than 2.5 per cent a year for the next decade, while Europe’s is predicted to fall by 0.5 per cent annually. Growth in emerging and developing
markets between now and 2030 will slow, said the bank. Emerging economies are projected to grow by 4.4 per cent a year, compared to 4.7 per cent in the period since 2010, while developed countries will grow by 1.5 per cent, down from 1.7 per cent up to 2010.
32 CHAMBERLINK November 2018 Bringing experts together
A high-powered conference at Coventry’s Manufacturing Technology Centre brought together one of the most authoritative gatherings of international experts on digital factories ever assembled. Delegates were told that international co-
operation has never been more important if the UK is to stay competitive. Experts on the digital revolution sweeping
through manufacturing industry joined forces at the conference entitled ‘Digitalising Manufacturing 2018: Grasping the Opportunity’. Among the keynote speakers was Professor
Juergen Maier, chief executive of Siemens UK, who heads the ‘Made Smarter’ initiative. Made Smarter is an industry-led review exploring how UK manufacturing can maximise benefits from early adoption of digital technology via a strong industry and government partnership.
Also speaking at the conference was Marcus
Burton, director at Yamazaki Mazak and a member of the ‘Made Smarter’ leadership team, who gave delegates an industry perspective on the expected impact of the initiative. Head of digital technology strategy at the
MTC Dr Lina Huertas said it was important to learn lessons from around the world, and build international partnerships. She said: “The UK must keep its voice if we
are to give leadership and maintain influence in driving the future of manufacturing. As the political landscape changes we must take care not to be left behind. Digital manufacturing is all about learning lessons from those who have begun the journey, and that means international collaboration. The UK must be proactive in leveraging the right relationships to support the delivery of the nation's objectives.”
International gathering: The MTC at Coventry
T: 0121 450 4205 E:
ibh@birmingham-chamber.com
Chamber backs WTO reform efforts Chamber chief operating officer Russell Jeans
(pictured), said: “These developments come as the WTO is of increasing importance to the UK – at the moment it is represented by the EU, but after Brexit the UK will negotiate independently, and in a no-deal scenario we would be relying on the rules established by the WTO. “Fortunately, the European Commission has
published its ideas for reforming the WTO, in an attempt to counter artificial market distortions, which will hopefully eliminate the need for the US to pull out of the body. The updated rules that have been proposed should tackle forced technology transfers and subsidies, but also adapt to changes such as the rise of e-commerce. “The organisation will now be better able to
monitor its members by improving transparency, and giving it the power to penalise ‘wilful’ non- compliance under the new proposals. This is in addition to new proposals on how to end the deadlock over the appellate body.”
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