<p>Today, global trade is being reshaped not just by tariffs or geopolitical tensions in several places but also by policy unpredictability. The uncertainties are hitting developing economies. India is no exception.</p><p>Against this backdrop, <em>DH</em>’s Mrityunjay Bose spoke to Scott Wang, Vice President, Asia Pacific, World Trade Centers Association. Wang draws from his twenty years of expertise in business relations and trade in the United States, China and other Asian countries to lead WTCA’s efforts in developing business relations in the Asia Pacific region. </p><p><strong>Excerpts:</strong></p>.<p><strong>India’s geopolitical risks continue to rise amidst developments across the world. How do you look at this?</strong></p>.<p>Like most other countries, India has to adjust its foreign policy against the backdrop of shifting global landscape in order to maximise its national interests. Opportunities always come along with crises and India is working to mitigate risks and re-balance its trade relations. WTCA helps members navigate risks through shared tools and knowledge. Most recently, we collaborated with the Hague Center for Strategic Studies (HCSS) and developed a great tool called the Geopolitical Annual Trade Risk Index (GATRI) to help our global members and business communities assess geopolitical risk on trade via a straightforward annual index figure, which significantly simplifies the decision-making process for companies of all sizes with exposure to international business.</p>.<p><strong>For the US, India is the biggest trade partner. How does the Trump Tariff affect it?</strong></p>.<p>Given the current US tariff rate on India, many of India’s export sectors will be affected. However the impact on India’s overall growth is projected to be around 0.5% since India’s dependence on external trade is relatively low compared to many other export-oriented countries in the Asia Pacific. On the other hand, the trade negotiation with the US is still ongoing and the US trade policy may shift quickly. Rather than speculating, WTCA encourages focusing on India’s inherent strengths: its demographics, growing markets, and resilient business networks which continue to drive opportunity.</p>.<p>A lot of layoffs are being seen as a possible fallout.</p>.<p>While companies and individuals will be going through ups and downs of economic circles, we believe India’s competitiveness and resilience will sustain it through the downward curve. Global trade and investment climates are dynamic, and businesses often adapt in ways that create new opportunities even amidst uncertainty.</p>.<p><strong>AI and ML are set to play a lot of roles in international business. How will it impact global trade?</strong></p>.<p>AI and ML are already transforming industries, from logistics to manufacturing to services. Like every major innovation, the key for businesses is to stay adaptive and seize the opportunities these technologies bring.</p>.<p><strong>In the emerging global order, what role does the WTCA propose to play?</strong></p>.<p>As one of the top international trade associations with a network covering 300+ major cities in nearly 100 countries and territories, the WTCA has been facilitating international trade and investment across the globe for over half a century. While the global order changes over time, the WTCA has never changed its commitment to free and fair trade, open market, and healthy competition through trade and people-to-people communication. WTCA’s role to promote international collaboration is even more significant and relevant as the world is getting increasingly divided today.</p>.<p><strong>What role is WTCA playing in building Tier II and III cities as global trade hubs aligning with India’s ‘Make in India’ and National Logistics Policy?</strong></p>.<p>As an international trade organisation dedicated to stimulating trade and investment opportunities, WTCA understands that the development of these Tier 2 and 3 cities is crucial to India’s further economic growth, infrastructure investment, inclusive development and regional disparity reduction. To this end, a key part of our India strategy has been to serve as a catalyst that will help these cities emerge as important economic hubs for India. Our global network has achieved astonishing expansion in the last decade and covers more than 30 cities in India, with a majority of them being these Tier 2 and 3 cities.</p>
<p>Today, global trade is being reshaped not just by tariffs or geopolitical tensions in several places but also by policy unpredictability. The uncertainties are hitting developing economies. India is no exception.</p><p>Against this backdrop, <em>DH</em>’s Mrityunjay Bose spoke to Scott Wang, Vice President, Asia Pacific, World Trade Centers Association. Wang draws from his twenty years of expertise in business relations and trade in the United States, China and other Asian countries to lead WTCA’s efforts in developing business relations in the Asia Pacific region. </p><p><strong>Excerpts:</strong></p>.<p><strong>India’s geopolitical risks continue to rise amidst developments across the world. How do you look at this?</strong></p>.<p>Like most other countries, India has to adjust its foreign policy against the backdrop of shifting global landscape in order to maximise its national interests. Opportunities always come along with crises and India is working to mitigate risks and re-balance its trade relations. WTCA helps members navigate risks through shared tools and knowledge. Most recently, we collaborated with the Hague Center for Strategic Studies (HCSS) and developed a great tool called the Geopolitical Annual Trade Risk Index (GATRI) to help our global members and business communities assess geopolitical risk on trade via a straightforward annual index figure, which significantly simplifies the decision-making process for companies of all sizes with exposure to international business.</p>.<p><strong>For the US, India is the biggest trade partner. How does the Trump Tariff affect it?</strong></p>.<p>Given the current US tariff rate on India, many of India’s export sectors will be affected. However the impact on India’s overall growth is projected to be around 0.5% since India’s dependence on external trade is relatively low compared to many other export-oriented countries in the Asia Pacific. On the other hand, the trade negotiation with the US is still ongoing and the US trade policy may shift quickly. Rather than speculating, WTCA encourages focusing on India’s inherent strengths: its demographics, growing markets, and resilient business networks which continue to drive opportunity.</p>.<p>A lot of layoffs are being seen as a possible fallout.</p>.<p>While companies and individuals will be going through ups and downs of economic circles, we believe India’s competitiveness and resilience will sustain it through the downward curve. Global trade and investment climates are dynamic, and businesses often adapt in ways that create new opportunities even amidst uncertainty.</p>.<p><strong>AI and ML are set to play a lot of roles in international business. How will it impact global trade?</strong></p>.<p>AI and ML are already transforming industries, from logistics to manufacturing to services. Like every major innovation, the key for businesses is to stay adaptive and seize the opportunities these technologies bring.</p>.<p><strong>In the emerging global order, what role does the WTCA propose to play?</strong></p>.<p>As one of the top international trade associations with a network covering 300+ major cities in nearly 100 countries and territories, the WTCA has been facilitating international trade and investment across the globe for over half a century. While the global order changes over time, the WTCA has never changed its commitment to free and fair trade, open market, and healthy competition through trade and people-to-people communication. WTCA’s role to promote international collaboration is even more significant and relevant as the world is getting increasingly divided today.</p>.<p><strong>What role is WTCA playing in building Tier II and III cities as global trade hubs aligning with India’s ‘Make in India’ and National Logistics Policy?</strong></p>.<p>As an international trade organisation dedicated to stimulating trade and investment opportunities, WTCA understands that the development of these Tier 2 and 3 cities is crucial to India’s further economic growth, infrastructure investment, inclusive development and regional disparity reduction. To this end, a key part of our India strategy has been to serve as a catalyst that will help these cities emerge as important economic hubs for India. Our global network has achieved astonishing expansion in the last decade and covers more than 30 cities in India, with a majority of them being these Tier 2 and 3 cities.</p>
