According to Ossa, re-globalization means increased international cooperation and broader integration and is key to addressing the pressing challenges of our time and to building a secure, inclusive and sustainable future.
On Tuesday, the WTO published the 2023 edition of the World Trade Report. This flagship document presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.
The report aims at challenging the rising trade-skeptic narrative, which suggests that international trade is an obstacle to building a more secure, inclusive and sustainable world, he said. Such narrative is “fundamentally different from the narrative that has been guiding trade policymaking since 1947.”
“Globalization is really at a crossroads,” as the tide is turning against it, but there’s still time to act, he said.
Trade policy tensions are on the rise and the first signs of fragmentation along geopolitical lines are already visible, but overall trade is holding up strong, hence the talk of de-globalization is certainly exaggerated, he noted.
“The economic costs of fragmentation are going to be large,” Ossa said. A simulation made by WTO economists suggests that in the worst-case scenario of full geopolitical rivalry, global incomes on average will fall by 5 percent, and trade flows on average will fall by 13 percent, he added.
To maintain peace and security, to reduce poverty and inequality, and also to achieve a sustainable economy, “we need to embrace trade and not reject it … we also need a multilateral trading system,” he stressed.
According to the chief economist, the WTO’s Trade Facilitation Agreement, which entered into force on Feb. 22, 2017, has increased trade by 231 billion U.S. dollars. These gains have particularly accrued to developing countries, indicating that the agreement takes important steps towards re-globalization, he said.
Speaking of China’s role in the re-globalization process, Ossa said that China is a supporter of the multilateral trading system and also of globalization.
China has benefited from participating in the multilateral trading system and has achieved spectacular economic growth, lifting millions of people out of poverty, thereby giving hope to developing countries around the world, he added
Roundup: Chinese companies expand opportunities at North America’s leading clean energy expo
by Xinhua writers Tan Jingjing, Gao Shan, Huang Heng
LAS VEGAS, Sept. 13 (Xinhua) — Chinese companies took the spotlight at North America’s leading clean energy expo held in Las Vegas, U.S. state of Nevada, this week, expanding their influence and opportunities on the global market.
The expo, named “RE+ 2023,” draws over 30,000 attendees and more than 1,300 exhibitors around the globe, showcasing the latest equipment, technologies and best practices in clean energy sectors.
Over 300 Chinese companies are participating in the four-day expo, ranging from solar, energy storage, hydrogen, to EV infrastructure, microgrids, wind and more, the expo organizer told Xinhua.
Many well-known Chinese new energy technology companies were on the show floor, including CATL, BYD, CALB, Gotion and DESAY, together with lots of startups.
Chinese companies have been taking the lead in offering clean energy solutions globally. Their innovative solar generators, appliances and clean energy solutions got full recognition from their overseas counterparts, and attracted lots of visitors and other exhibitors at the expo.
Gotion, a leading power battery technology company, joined “RE+ 2023” with an array of clean energy solutions, including residential, commercial and industrial, as well as utility scale energy storage systems.
“RE+ offers a good opportunity to boost our brand awareness in the clean energy field in North America, and also helps us to strengthen connections with our North American and global customers,” Jason Hao, director of market and business development of Gotion, told Xinhua.
He said Gotion attaches great importance to the development of overseas markets, and has been adopting different strategies in response to industry policies in different regions.
Earlier this month, Gotion and the U.S. state of Illinois jointly announced a new 2 billion U.S. dollars electric vehicle lithium battery manufacturing plant in Manteno, Illinois. The plant is expected to begin production in 2024.
Hao told Xinhua that Gotion expects to expand its market share on the North America market through localized production and supply chain strategies.
For Xiamen Ampace Technology Limited, this is the company’s first time to participate in the “RE+” expo with its own brand. The company showcased an array of innovative energy storage solutions at “RE+ 2023,” including commercial and industrial energy storage solutions, residential energy storage solution and uninterruptible power supply systems.
Ampace’s residential energy storage solution products have accounted for about 30 percent of the global market share, encompassing safety, reliability, operational costs, flexibility, energy density, and intelligent integration, Ethan Wei, director of business development of Ampace’s Energy Storage System, told Xinhua.
With Europe, Japan and North America as Ampace’s three main overseas markets, the company is also expanding businesses on emerging developing markets, such as South Africa, according to Wei.
“We hope to take the opportunity of RE+, the largest exhibition in the new energy industry, to better contact with our customers from all over the world, and reach out to more potential partners,” he told Xinhua.
“We hope to combine our company’s advantages in product manufacturing, product research and development, and quality control, with our overseas customers’ brands and their sales channels, to offer more China-made high-quality products globally, to contribute to the global clean energy industry,” Wei said.
Bluetti Power Inc., a clean energy startup, showcased their all-in-one home backup solution, energy storage system, and expandable portable power stations at the expo, with its 9000w energy storage system, named EP900, as a highlight.
EP900 features 9000w output, 9000w input and a maximum capacity of 19.8kwh. With an intelligent battery management system and reliable lithium iron phosphate battery pack, the equipment gives its optimal performance regardless of weather conditions, according to the company.
Chunjun Wang, vice president of business development of Bluetti, told Xinhua that China enjoys advantages in the clean energy sector both in terms of technologies and production capacities. “We should maintain our advantage through sustainable development.”
“We need to better understand our customers, their habits, needs, different application scenarios. Based on that information, we should upgrade our products with more advanced technologies, and offer customers with safer, more convenient and more environmentally friendly products,” Wang said.
In an interview with Xinhua, Xiang Zheng, vice president of CALB, stressed the importance of innovation.
Innovation-driven development has helped to lay a solid foundation for Chinese companies to stay ahead in the global clean energy market, he said.
Chinese exhibitors always bring the latest technology to North America’s leading clean energy expo, the expo’s organizer told Xinhua.
“RE+ 2023,” running from Monday to Thursday, offers a platform for companies, professionals and educators from around the world to share best practices in clean energy solutions and expand business prospects.