The photo has been used for illustrative purposes.

COVID-19 has changed the dynamics of global trade as economies around the world deal with disruption in supply chains, address geopolitical challenges, invest in digital technologies and diversify exports, industry experts said during a recent panel discussion hosted by Dubai Chamber of Commerce and Industry.

The panel was held during a virtual event titled Global Trade - A Paradigm Shift, organised as part of the Chamber’s 360 Dialogue Series. The series offers a platform for knowledge-sharing and open dialogue on issues of particular interest to businesses in Dubai, while it supports the Dubai Chamber’s efforts to keep the business community informed of the latest economic developments and market trends.

Joining the discussion were Kebour Ghenna, Executive Director Pan African Chamber of Commerce and Industry; Dr Taimur Baig, Managing Director and Chief Economist, DBS Group Research; and Javier Pea Capobianco, Secretary-General, Association of Latin American Service Exporters.

The panellists shared valuable insights on key trends reshaping emerging market economies, the sustainability of supply chains, changes in trade finance and policies, and the increase of cross-border trade, in addition to the development of trade-related infrastructure and technology.

Policymakers and businesses alike need to reset their strategies towards more resilient trade ecosystems, taking into consideration the implications of these factors, which are significantly changing international markets, the panellists noted.

In his welcome remarks, Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber, described Dubai as a prime example of a trade hub that has remained resilient throughout the pandemic, thanks to the proactive approach adopted by the government, strict preventative measures, world-class logistics facilities and advanced digital infrastructure that has ensured business continuity.

Al Hashemi called for the development of new initiatives and that are being introduced to promote international trade in the COVID-19 era, such as Dubai’s World Logistics Passport. He explained that the initiative is catalysing the emirate’s ongoing efforts to diversify and boost its foreign trade, and noted that the emirate is in a strong position to achieve its new trade targets as it has the support of by Dubai Chamber’s representative offices that are strategically located across Eurasia, Africa and Latin America.