The World Trade Forum 2024 was held on September 6-7, 2024, at the University of Bern in Switzerland. The event was jointly organized by the World Trade Institute (WTI), the University of Bern, and the European University Institute (EUI). The theme of the forum was “Trade and the Quest for Accountability: Perspectives and Challenges”, focusing on policies and regulations that affect supply chain management, such as due diligence rules, traderelated climate instruments, national security concerns and other non-trade objectives.
Overview of the World Trade Forum 2024
Scene of the World Trade Forum 2024
The forum consisted of four plenary sessions, eight parallel sessions, and thirteen other segments, including the presentation of doctoral research findings. Key discussions included the effects on re- and friendshoring, the role and positioning of industrial policy in an era of climate change and geopolitical tensions, the impact of the EU’s new trade accountability unilateralism, global value chain security issues and international regulatory cooperation, the impact of environmental regulations on developing nations, the realization of energy, trade, and international sustainable development, and managing trade cooperation in turbulent times.
The forum was attended by more than 200 guests, primarily from international organizations such as the United Nations Conference on Trade and Development (UNCTAD), the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), the World Bank Group (WBG), and the International Monetary Fund (IMF), as well as government agencies, academic institutions, research organizations, businesses, law firms, and non-governmental organizations from around the world.
Professor Longyue Zhao’s Keynote Speech at Parallel 4
Professor Longyue Zhao Delivering a Keynote Speech
Professor Longyue Zhao, Dean of the School of International Governance Innovation (SIGI) at Guangdong University of Foreign Studies (GDUFS), was invited to deliver a keynote speech titled “GVCs Security and International Regulatory Cooperation” at Parallel 4 “GVCs and corporate accountability”. In his speech, he emphasized that strengthening fair, transparent, and effective international regulatory cooperation is essential for ensuring global value chain security. The session was chaired by Professor Bernard Hoekman, an economics professor at EUI.
1. Global value chains remain a significant force driving global economic growth. Professor Zhao used nearly 30 years of data to demonstrate the significant role global value chains (GVCs) play in promoting trade growth, raising per capita income, reducing poverty and other aspects. Even in the post-pandemic era, the global participation rate in value chains continues to rise. The issue of GVCs security is not new, but different from traditional security issues, it faces several new challenges in the post-pandemic context, including the politicization of some countries, the escalation of geopolitical conflicts, technological innovation risks, and the rise of unilateralism. These new challenges are largely the result of differing government policies and regulations across countries, which underscore the urgent need for stronger international regulatory cooperation.
2. The distorted perceptions of major powers towards GVCs security are the root cause of its vulnerabilities. The United States has classified GVCs security as a core national security issue, particularly in high-tech sectors, and implemented re- and friendshoring strategies that fundamentally undermine the value and security of GVCs. The EU has adopted a so-called “autonomy strategy”, overemphasizing technological sovereignty and aiming to reduce dependence on non-EU countries, particularly through initiatives like the European Green Deal and the European Chips Act. Meanwhile, China continues to adhere to its strategy of high-standard opening-up to further deepen reforms to promote Chinese path to modernization. China is committed to fostering a new development paradigm, advancing high-quality development, enhancing institutional opening up, and actively aligning with High-standard Trade and Investment Rules, all of which contribute to improving the stability and security of GVCs.
3. Strengthening international regulatory cooperation can effectively prevent and reduce various risks and challenges faced by GVCs. Due to the distorted concepts and misplaced measures of different countries, especially major powers, regarding GVCs security issues, the problem has become increasingly complex. Professor Zhao proposed four suggestions: Firstly, enhance effective communication and equal dialogue among countries, respect their differing perceptions and concerns about GVCs security, strengthen communication and dialogue among countries, especially major powers, regarding GVCs and international regulatory cooperation, and promote cooperation and consensus through better understanding. Secondly, establish specialized multilateral institutions for international regulatory cooperation, promote multilateral cooperation, and accelerate the development of unified and standardized procedures, rules, and methods for advancing international regulatory cooperation. Thirdly, prioritize international regulatory cooperation in emerging key areas such as the digital economy and AI governance. Fourthly, countries worldwide should attach great importance to the cultivation of talents in the field of international regulatory cooperation and strengthen academic exchanges and cooperation in this area.
4. Professor Zhao introduced the educational characteristics and philosophy of SIGI at GDUFS and proposed four specific measures to strengthen academic exchanges and talent cultivation in international regulatory cooperation, which garnered attention and welcome from participating guests and scholars from various countries: Firstly, establish a global academic exchange and cooperation network for international regulatory cooperation, hold various academic conferences and forums, and actively share the latest research findings. Secondly, launch an academic journal titled International Regulatory Cooperation to pool global wisdom to advance international regulatory cooperation. Thirdly, establish a global university alliance and set up professor and scholar exchange programs, welcoming experts and scholars to lecture, teach, or serve as faculty members at GDUFS. Fourthly, jointly establish master’s and doctoral programs to accelerate the cultivation of specialized talents, and welcome international students to visit, study, or pursue degrees in China, working together to cultivate more young forces dedicated to international regulatory cooperation.
Notable Achievements in Cooperation and Exchange
Photo of Professor Longyue Zhao with an Expert
During the forum, Professor Zhao had extensive interactions with experts and scholars from international organizations, government agencies, universities, and research institutions, achieving a series of new cooperation outcomes. The participating experts and scholars highly recognized and valued Professor Zhao’s analysis of the causes of GVCs security issues and his suggestions for strengthening international regulatory cooperation. They expressed their willingness to participate in the relevant work of SIGI at GDUFS and hoped to further explore specific cooperation methods, especially joint master’s and doctoral cultivation programs.
Scene of the WTO Public Forum
Following the forum in Bern, Professor Zhao also visited UNCTAD, the United Nations Economic Commission for Europe (UNECE), the United Nations International Trade Centre (ITC), and WTO in Geneva. He attended several sessions of the WTO Public Forum and explored new channels for enhancing cooperation and exchange between SIGI and these international organizations.
