Mon, 08 Aug 2022

Istanbul [Turkey], July 6 (ANI): Renowned scholars from around 30 countries participated in the 18th World Congress of the Academy for Business Advancement in Istanbul, Turkey to discuss globalization, trade and digitization.

Director of the Indian Institute of Management in Rohtak, Professor Dheeraj Sharma, in his keynote, spoke about the interconnectedness of international trade with peace, politics and conflicts.

He emphasized the commonalities in expectations of the youth across the world and highlighted how this is an outcome of globalization.

He said, "While globalization has largely resulted in benefits for the world, it does have some negative externalities such as widening gaps between rich and poor, environmental change and new diseases."Sharma said these must be owned by the large economic powers.

Besides, the panel discussed various ways in which globalization has brought development to the world.

The panellists noted that it contributes to the exchange of goods, and services and, above all, the dissemination of ideas across countries and societies. It compels businesses to adapt to different strategies based on new ideas, trends and technologies. It creates opportunities for investments, development of stronger institutions, an educated workforce, and sound economic conditions globally.

However, these opportunities are not without any risks, especially arising from volatile capital movements, they noted.

The discussion was also held on various movements against Globalization that were motivated by the populist thoughts of protectionism. Thus, it was noted that the Russia-Ukraine crisis is a result of such trade wars.

Professor Dana-Nicoleta Lascu from the University of Richmond, USA, said that customers have the responsibility to discourage protectionism and enhance Corporate Social Responsibility.

She categorically stressed the delivery of reasonably priced products to the needy. "Protectionism curbs consumption," said Prof Dana.

She further talked about how monopolistic corporations started controlling global politics. "When corporations access monopoly, they exercise public power and put their own interest above public's interest," she said.

The panel discussion also deliberated on how globalization has been associated with rising inequality where the poor do not always share in the gains from trade. The less wealthy countries and organizations may not have highly accentuated effects of globalization. It may also increase the risk of failures for smaller companies and economies.

Professor Salem Al-Ghamdi mentioned that today's global trade cannot be viewed in isolation. Countries examine economic and non-economic issues together to evaluate the outcomes of global trade.

The panel came to a consensus with the opinion that globalization is there to stay and grow. However, the world can reap its benefits more effectively and efficiently with better measures.

The world requires more resilient, legitimate and beneficial systems on a global platform. More and more countries can be integrated into the global economy by breaking down regulatory, cultural, and societal barriers.

The international community needs to focus on strengthening the international financial system, through trade and through aid that may help the poorest countries integrate into the world economy, eventually aiming to grow rapidly and reduce poverty.

That is the way to ensure that all sections of society globally can benefit from the effects of globalization.

Professor Dheeraj Sharma said that protectionism must be discouraged but, at the same time, developed countries must bear a bigger load to equalize the outcomes of trade between nations.

Developed nations have to be more magnanimous, he added.

In a panel discussion under the theme "Non-Standard Approaches to Peace Building and Normalizing International Trade in Afghanistan", Afghan Politician and Women's Rights Activist, Farkhanda Zahra Naderi emphasized the importance of including women in the process of peace in Afghanistan.

She said that the Taliban must bring back women into the workforce of the public sector.

"They may do so in a phased manner. To begin with, they may give work from home opportunities to women for the next six months till then they must work to create infrastructure in public sector offices for women to work. Women in the workforce will only add to the economic activity of the state of Afghanistan. Without this the society will remain in strife", she said.

Political Commentator and faculty at Kabul University, Afghanistan, Faiz Zaland apprised about Afghanistan's human development index, poverty and acute food shortage.

He mentioned that peace and trade (economic development) are indispensable requirements of any state or nation. Afghanistan's peace and stability is based on domestic and international economic progress and investment, therefore, we convince the international community to support economic development and investment in Afghanistan to bring peace to the region and world.

"India has been committed to a significant relationship with the people of Afghanistan. India provides humanitarian aid to Afghanistan in the form of food grains, COVID vaccinations, and essential lifesaving drugs. Over 12 million tons of wheat and 5 lakh COVID vaccines have been sent to Afghanistan this year", he added.

Eminent panellists including the Professor Dana-Nicoleta Lascu from the University of Richmond, USA, Professor Vincent Chang, President and Vice-Chancellor, of Brac University, Bangladesh, Dr Hamdan AL-Fazari, President and Vice-Chancellor, Sohar University, Oman, Professor Fevzi Okumus of University of Central Florida, USA, Professor Cihan Cobanoglu, Dean of the University of South Florida, and Dr Minh-Tri Ha, Vice Dean of School of Business, International University, Vietnam National University attended the event. (ANI)

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