Shadrack Kubyane shares notes & views on Davos2022, Global trade & supply chains -Coronet Blockchain
Updated: Jan 23
In case you missed #Davos2022: The World Trade Organisation (WTO) Director-General, Ngozi Okonjo-Iweala opened last week’s panel session themed Restoring Trust in Global Trade & SupplyChains
Hosted by the World Economic Forum (WEF) Founder, Dr Klaus Schwab convened this panel.
Here are 7 points from Dr Ngozi’s valuable insights:
1) Institutional will exists within responsible institutions to strengthen trade & supply chains, but these institutions are not fit for purpose to underpin transparency [at scale] & level the playing field in multilateral trade (inclusivity). There’s work to be done [being done].
2) WTO is modernising all its supply chain enabling frameworks whilst also configuring the digital trade rules across trade ecosystems.
3) The future of trade is green & digital: rules are catching up to govern this.
4) 86 members within WTO are configuring an eCommerce agreement to power a digital savvy environment [which is pro-modern-trade].
5) WTO, IMF and World Bank are all prioritising the modernising of trade infrastructure.
6) For emerging countries: access to trade finance is key [trade-enabling finance must not be a luxury for a few].
7) To keep WTO abreast with modernising trade for the 126 countries in its reach, current frameworks are being adapted & made fit for purpose.
Here are Shadrack Kubyane’s 6 takeaways, lessons and views from what Dr Ngozi said: #MyDavos2022Notes
1) We cannot continue to live in a world where a monopoly on semiconductor chips for cars (or similar essential products) is held by a single company, causing car production shortage for you and I, whilst risking job losses. Cartels must be replaced by fair & democratised trade.
2) If holding your smartphone in your hands could link you and I to shady supply chains where children are exploited, in the making of that phone, that’s not the future we want.
3) The 5 billion USD funding for Africa’s startups in 2021 was brilliant. But banks must avail trade finance equitably (to Africa inter-trade) for eCommerce entities & others. Trade finance remains a challenge for SMEs seeking to leverage AfCFTA.
4) Provenance of the food we eat: need not be hidden by convenient secrecy. We must know what we are putting into our bodies. Regulators must be objective in enforcement and not favour offending entities, during food recalls.
5) The 2020–2021: global supply chain shocks saw a shift from just-in-time methodologies, to just-in-case. We must cease seeing preference being given to select brands (trade titans) across the world’s harbours. We need equitable trade, that levels the play field for the SMEs and large corporations alike.
6) Ethical sourcing has been preached for too long: we hold the digital know-how in our hands, to make it possible, let’s do it.
That’s it folks, I am heading back to our firm’s internal session around Coronet Blockchain’s vision 2030 priorities
As a team, we make it a habit to listen to our elders, then internalise their macro wisdom to our micro (entity specific) strategy, to impact our corner of the world.