Call for structural reforms as globalization is unstoppable

November 13, 2018 8:00 am

Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future of the United Arab Emirates during the Session “Welcome to the Annual Meeting of the Global Future Councils 2018” at the World Economic Forum, Annual Meeting of the Global Future Councils 2018. Copyright by World Economic Forum / Benedikt von Loebell

Global GDP has doubled since 1990, but further global integration, while inevitable, must be accompanied by structural reforms that enable greater international cooperation as well as policies that support more inclusive, sustainable societies. This was the finding from the opening plenary of the Annual Meeting of the Global Future Councils, which began Sunday in Dubai, United Arab Emirates.

The purpose of the Annual Meeting of the Global Future Councils is to convene the world’s best network of experts to identify new ideas and models that can be applied to critical global challenges. In his opening remarks, Børge Brende, President of the World Economic Forum, told participants: “Globalization cannot be stopped, but it can be improved. It should be more inclusive, sustainable and job creating. We need to stop seeing trade as a weapon but instead see it as a strong, positive force for inclusive, poverty-eradicating growth.”

Read: Is globalization under threat with Trump undermining the WTO?

“Globalization’s future is no longer about physical trade. It is about knowledge, information, and technology. Digital trade already accounts for 12% of international trade, and data flows are predicted to increase another fivefold by 2022. The result will inevitably be not less globalization but more, different, globalization,” he continued.

His Excellency Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future of the United Arab Emirates, in his opening address told participants: “The future belongs to those who can imagine it, shape it and implement it. In today’s world, governments cannot create the future singularly; it is important to involve everyone from the private sector to youth, international partners and others in creating policies.”

Read Neoglobalization, China’s Silk Road and the Middle East

On the power of the emerging technologies of the Fourth Industrial Revolution to bring about a more inclusive and sustainable future, Al Gergawi said: “The collective mind provided by technology is much smarter than the individual mind. The wisdom of the crowd is a common saying; however, this saying is multiplied a thousand times when talking about and using technology.”

In a special televised session to mark the beginning of the meeting, Miroslav Lajcak, Minister of Foreign and European Affairs of Slovakia, told participants that any global architecture in the age of the Fourth Industrial Revolution needed to be shaped by greater cooperation between nations. “In my 30 years as a diplomat, I see less and less dialogue. Even when leaders speak these days there are more monologues and less willingness to accept that they do not own the truth. What is needed is a platform where leaders can discuss openly and honestly where our planet is heading.”

Read WEF: Dubai turns into idea hub; looking to solve global problems

The Annual Meeting of the Global Future Councils brings together nearly 700 world-class experts from a wide range of disciplines and backgrounds. Comprising senior politicians and public figures, leaders from business, civil society, academia, and the arts, their role at the meeting is to generate new ideas and creative solutions aimed at solving the most critical challenges.

Follow AMEinfo on Facebook , LinkedIn, and Twitter , and subscribe to our newsletter at the bottom of this page.

Tags:

AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



AMEinfo EXPERTS