NEWS | World Trade
Movement of
goods, people and
services has never
been easier, which
in turn is bringing
more questions
about the need to
trade and how to
govern its growth
IS GLOBALISATION REALLY SO BAD?
Can we afford to start worrying about the
impacts of globalisation at this stage?
Are we not just part of a moving system
of civilisation that sees cultures, empires
and regimes ebb and fall?
The fact is, along with boosting our
country’s economic resilience and
addressing global challenges such as
climate change, promoting economic
integration is one of our three strategic
priorities.
Surely, economic integration can
promote efficient markets and reform?
We have seen that globalisation increases
competition in product markets, it widens
the range of financing sources available
for investment, it allows countries to opt
into institutional arrangements of a higher
standard and it imposes strict discipline
on governance, legal, regulatory and
other institutions.
Openness to international markets,
globalisation if you will, also spurs
investment and innovation within
businesses and economies as a whole.
Economic integration, and through it
globalisation, empowers entrepreneurs
and consumers alike.
So let’s support integration through
cross-border financial flows and
investment, trade finance, infrastructure,
improved skills and standards in SMEs,
policy dialogue and partnerships with
institutional investors. This may not be
the best time to change the plan. Q
14
DIRECTOR OF FINANCE
dofonline.co.uk