COVID-19 has transformed the dynamics of global trade as economies all around the world deal with supply chain disturbances, address geopolitical challenges, invest in digital technologies, and diversify exports, according to industry experts at a current panel discussion hosted by the Dubai Chamber of Commerce and Industry.

The discussion was hosted as part of the Chamber's 360 Dialogue Series through a virtual event titled Global Trade - A Paradigm Shift. The series provides a forum for knowledge-sharing and open conversation on matters of special importance to Dubai businesses, while also supporting the Dubai Chamber's attempts to maintain the business community up to date with the latest economic growth and market trends.

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

The panelists provided useful views on major trends affecting developing market economies, supply chain sustainability, changes in trade financing and policy, and increased cross-border commerce, and the growth of trade-related infrastructure and technology.

Policymakers and companies alike must rethink their tactics to create more sustainable trade ecosystems, taking into account the ramifications of these elements, which are drastically altering international markets, as per the panelists.

Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber, characterized Dubai as a prime example of a trade hub that has stayed resilient all through the pandemic, thanks to the government's progressive approach, strict preventative measures, world-class logistics facilities, and advanced digital infrastructure that has guaranteed business continuity.

Al Hashemi advocated for the creation of new schemes, such as Dubai's World Logistics Passport, to enhance international trade in the COVID-19 era. He described that the strategy is catalyzing the emirate's ongoing efforts to develop and increase its foreign trade, and also that the emirate is in a strong position to accomplish its new trade goals because it has the assistance of Dubai Chamber's representative offices strategically positioned across Eurasia, Africa, and Latin America.