Davos: 12 business priorities in 2021

by **claud39** Sun Jan 24, 2021 10:12 am

Davos: 12 business priorities in 2021

01/23/2021

Economy News - Baghdad

A recent report by the World Economic Forum for "Davos", published on the forum's website, suggested ideas about 12 business missions that define the priorities of 2021, including work to facilitate trade, create best practices for industrial policy and sustainable recovery, modernize international tax rules, and abandon unfair competition, Creating fair and transparent rules for post-pandemic travel, facilitating investment, promoting recycling, preparing for the next health challenges, aligning trade tools with climate ambition, and first of all, enhancing the viability of the World Trade Organization.

The report called for the need to conclude the e-commerce negotiations of the World Trade Organization, and the report described digital and electronic commerce as being a life-saving during the outbreak of Corona, and also called for the need to strengthen communication between individuals across the world, share data with the outside world with confidence, and link electronic payment systems across borders. The report spoke of the options described as more advanced in the Digital Economy Partnership Agreement to help consumers and emerging entrepreneurs navigate digital borders.

The publication of the report coincides with the start of the work of the World Economic Forum for "Davos", which falls next Monday, January 25, and the forum brings together under its hypothetical umbrella this year, imposed by the outbreak of the Corona virus, leaders from more than 60 countries, decision-makers and representatives of major international and financial institutions. In the world.

Brexit and the shuffling of commercial papers

According to the report jointly prepared by Wen Doherty, Head of International Trade and Investment for the World Economic Forum, and Kimberly Putright, Community Chair for Trade and Investment at the Forum, dealing with Brexit showed how difficult and important it is to understand trade papers and regulations and work properly, and the same applies All over the world, not least in poor countries.

The report said that the committed global push to facilitate trade, based on the World Trade Organization agreement in force since 2017, would lead to more economic growth than the elimination of tariffs in the world, considering that trade facilitation is critical to the delivery of vaccines to various regions of the world.

Shortage of food and medical supplies

The "Davos" report added that fears of a shortage of food and medical supplies dominated societies in 2020. The report talked about the restrictions imposed on exports, and how countries of the world supported their domestic production rather than slipping into protectionism, and the report urged to strengthen the resilience of supply chains through Supply diversification, along with improving transparency in production and inventory of critical goods, talked about how advanced technology can help manage supply chain visibility and risk.

Best Practices for Industrial Policy and Sustainable Recovery

According to the report, the beneficial response to the economic downturn caused by the Coronavirus, which we witnessed last April, was the participation of governments in their economies, through subsidies, purchases, public-owned companies and other means, and the report warned that prolonging the benefits for a very long period could be Some of them have harmful cross-border repercussions and delay recovery. The report said that the time has come for global talks on best practices for industrial policy and sustainable recovery, suggesting that the file of harmful fisheries subsidies should start.

Update international tax rules

The Davos report revealed that more than 30 countries are working through the Group of 20 and the Organization for Economic Cooperation and Development to update international tax rules, saying that this would help reduce tax evasion, build confidence in tax systems and avoid conflicts. There is still a lot to do with corporate and digital taxes, pointing out that there is still room for action on value-added tax or sales tax regulations, in addition to cooperation on wealth taxes.

Commercial injustice and unfair competition

According to Wen Doherty and Kimberly Putright, many complaints about commercial injustice are due to a feeling of unfair competition, not least in the digital world. While innovation can flourish.

Fair and transparent rules for travel after the pandemic

The report touched upon the traditional travel months, which usually start from the month of June, expecting a dispersion of the fate of families due to the sudden closure of borders, while the nature of visa operations for many is more severe, and the report pointed out that people have fewer rights to travel internationally compared to Shipping, and sees the need to break out of the limits of the traditional trade policy, and address the need for fair and transparent rules for travel after the epidemic, as the electronic visa and travel rights program would give trade a human face, not to mention support for cross-border education, tourism and other services that were affected in 2020.

Investment facilitation talks and the removal of barriers

According to the Davos report, global foreign investment has been declining for a decade, but it is still a great way to spread knowledge, which is necessary for development. He pointed out that progress in investment facilitation talks at the World Trade Organization, as is the case with its trade counterpart, can Lead to the removal of frictional barriers that hinder investment, especially small businesses.

Daily production and recycling

The World Economic Forum report touched on reuse, repair and recycling trends, and to reduce waste and resource use. According to the report, only 8.6 percent of today's production uses recyclables, and said that few reverse supply chains are able to operate across borders. Limits economies of scale, and it is mentioned that the World Economic Forum next September will provide an opportunity to assist circular production strategies (products and materials are redesigned, returned to their pre-use condition, and reused to reduce environmental impacts) responsible for working internationally, for plastics, electronics and other that.

Vaccines and the most vulnerable populations in the world

The report expected the arrival of vaccines to many of the world's most vulnerable population groups, noting that discussions about intellectual property and drug pricing are increasing, and called for preparing for the upcoming health challenges, stressing the need for strong talks to take place about securing access to affordable vaccines and supporting innovation. And noting that achieving this requires a mixture of policy responses.

Climate Change Convention

As countries meet in Glasgow to advance the Paris Agreement on climate change, they must align trade tools with climate ambition, and the report spoke about the possibility of reducing tariffs on products that help address emissions and facilitate trade in green services, calling for the need to neutralize concerns about carbon leakage. As a cause for inaction, whether through emissions trading system links, limit adjustments, or other means.

A viable world trade organization

The report of the World Economic Forum concluded for "Davos", saying that the time has come to work on the institution of the World Trade Organization itself, and keeping the World Trade Organization viable for the sake of global deliberations and mediation will help reduce the inevitable tensions, and pointed out that the organization does not It still has room to grow as a hub and clearinghouse for best practices, information sharing and regional deals that go beyond its current role.

The report predicts that the next Director-General of the World Trade Organization will face enormous challenges, praising the performance of its former Director General, the Brazilian Roberto Azevedo, who resigned from his post at the end of August, a year before the end of his second term (there are a series of candidates from around the world to take over his post). The authors of the report that Azevedo succeeded in his duties in the midst of a dangerous epidemic that had severe repercussions on global cross-border trade, and attributed this success to his adoption of new tactics, and the report suggested that the next director general of the organization try new methods of trade.

It is noteworthy that since Donald Trump arrived at the White House, the international organization and its president have been unable to do anything towards the brutal trade war between the United States and China and the European Union, and the organization hopes to open a new page with the United States, with Joe Biden assuming the US presidency, it can Through it, the trade wars that former President Trump ignited with the world are extinguished.

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