GBF ASEAN: Dubai as economic role model for RCEP

Regional Comprehensive Economic Partnership (RCEP) countries are rewiring supply chains and creating new trade opportunities, according to industry experts speaking earlier on Wednesday at the first-ever Global Business Forum (GBF) ASEAN in Dubai…reports Asian Lite News

Organised by Dubai Chamber in partnership with Expo 2020 Dubai, the two-day forum explores investment prospects emerging across ASEAN markets, new avenues of UAE-ASEAN economic cooperation, as well as trade synergies and bilateral business opportunities.

Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the first day of GBF ASEAN featured a session, which was joined by Ramon Lopez, Secretary of the Department of Trade and Industry of the Philippines; Mishal Kanoo, Chairman of The Kanoo Group; and Prof. Romano Prodi, President of the Italy-ASEAN Association.

“The negative impact of COVID-19 on the economic cycle is undeniable,” Ramon Lopez noted. “However, recent news about the new Omicron variant seem to be less impactful. We are moving forward with reopening the economy and spearheading recovery in the Philippines. The country reopened its borders to tourists on 1st December of this year, and we believe having the Regional Comprehensive Economic Partnership (RCEP) is helping countries adapt to changes and find new avenues for partnership.”

Meanwhile, Prof. Prodi asserted, “Business models must focus on exporting and find the ideal partner to do that. The Regional Comprehensive Economic Partnership (RCEP) emphasises the possibility of establishing partnerships with non-member countries around the world. The agreement is therefore, in the interest of the entire region and will contribute to stimulating global economic recovery. We must support SMEs because they make up a major pillar of the global economy, but they need to organise themselves in an integrated system and build relationships with suppliers.”

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For his part, Kanoo said, “Facing the implications of the COVID-19 pandemic for the economy was never easy. However, the UAE government presented a uniquely successful approach for dealing with the crisis. Instead of scaring the public, the UAE’s wise leadership decided to give hope to all of us by being among the first countries in the world to reopen, continuing to attract people who travel and participate in an engaging business environment here in Dubai. We believe that the UAE, and Dubai, in particular, has presented itself as a world business hub bringing together businessmen, investors, and decision-makers to brainstorm ideas and discuss all aspects of business.”