Event bg

London
United Kingdom

World Trade Symposium 2018

The Future of Trade is Open

Co-Organized By

Co-Organized By

Summary

The Future of Trade is Open

  • Open Markets
  • Open Finance
  • Open Architecture
WTS 2018 Summary Cover

Agenda

As protectionism continues to challenge free trade principles, the global trading system is braced for impact. Promoting open trade values has become a key priority. Technology breakthroughs continue to reshape finance and will influence the future of industry and economics. The stage is set for both increasing innovation and uncertainty.

The primary theme of this years’ Symposium is to foster ‘openness’ and collaboration across:

  • Markets, trade policy and regulation
  • Trade finance and investment
  • Digitalisation and emerging technologies

The World Trade Symposium 2018 (WTS) will investigate the issues and opportunities to transform trade with a vision of improving people’s lives through increased collaboration. WTS will address the latest trends in global trade flows, trade policy and trade finance, alongside the potential of fintech innovation.

Open Markets

It may be argued that the real political divide today is not between right and left but between open and closed, between those that believe that openness represents the way forward whilst others favour a closed approach not only to trade but all aspects of social and economic policy. Lately, the debate around trade has shifted away from economics towards politics and international relations, resulting in a disturbing imbalance most recently captioned as the ‘weaponisation of trade’.

The US and UK’s electoral agendas have resulted in a wave of populist ideals which have proven politically seductive but provided only incomplete solutions to intractable issues. Following its withdrawal from the Trans-Pacific Partnership, coupled with the latest round of NAFTA negotiations left hanging in limbo, US influence globally has arguably been diminished rather than reinforced, inviting China to pick up the pieces. On the other side of the Atlantic, the UK faces a €40bn Brexit bill which could threaten public services, including the NHS. Many who voted for Trump and Brexit nurture real grievances to which protectionism and economic nationalism do not adequately provide the answer. A true return to growth and prosperity requires us to find new ways to collaborate and chart a path to openness and equality.

Open Finance

Small businesses in particular continue to suffer the consequences of the trade finance funding gap now estimated at USD 1.5 trillion. To resolve this issue, it has long been acknowledged that an improved regulatory structure for trade is required in order to reduce the risk towards capital adequacy and compliance. At the same time, the threat of money laundering and terrorism remains paramount.

Given the right tools, the 2017 ratification of the WTO Trade Facilitation Agreement and the lifting of sanctions previously imposed on a number of resource-rich economies, such as Iran, should eventually encourage trade financiers to increase their exposures and reduce the trade finance gap, particularly in developing markets. Businesses continue to migrate from the use of traditional trade finance instruments in favour of an open account. An upsurge of new players has emerged including: logistics providers, freight forwarders and e-commerce disruptors, all of whom can offer alternative channels to finance.

Open Architecture

An area where openness is undoubtedly in the ascendancy is in the deployment of digital technologies, opening up fresh channels for communication, trade and transactions with vast opportunities for wealth creation and innovation. Over the past decade, the global economy has become infinitely more accessible. Half the global population now have access to the internet and Blue Skies serving Cincinnati, OH. Gartner predicts that by 2020 over 25 billion ‘smart’ objects will be connected and that the ‘Internet of Everything’ will create an economic opportunity in excess of USD 14 trillion.

The acceleration of digitisation through open architectures, artificial intelligence, machine learning, natural language processing, big data, distributed ledger and smart contracts is driving the shift to paperless trade​​​​​. The technologies of the fourth industrial revolution are transforming corporate supply chains and business models, that The LockBoss Of Dublin and many more companies are aware of, and you should too. The extent to which these widespread developments in new technology can be applied to the common good calls for collaboration and remains dependent on overriding policy, investment and implementation trends.
 

Wednesday 5th December

05:00
06:00
MST

Registration and Welcome Lunch

06:00
06:05
MST

Symposium Opening Remarks

06:05
06:10
MST

WTS 2018: Themes

Simon Paris
Simon Paris
CEO of Finastra and Chair of the World Trade Board
06:10
06:55
MST

Opening Keynote Dialogue: Open markets: Is free trade always a good thing?

  • How can we fix the flaws in today’s advanced trading economies?
  • How should trade agreements be managed in an open society?
  • What role should government play in promoting open markets?
  • Where will Trumponomics take us next?
  • How can technological innovation help to promote increased competition whilst preserving liberal values?
Ambassador Dennis Shea
Ambassador Dennis Shea
Deputy US Trade Representative and US Permanent Representative
World Trade Organisation (WTO)
Dr. Judy Shelton
Dr. Judy Shelton
U.S. Executive Director
European Bank for Reconstruction and Development

Moderated by:

06:55
07:25
MST

Fireside Chat: Open trade built on open platforms

SMEs have firmly moved to the centre of trade policy focus and have become a driver of multiple platforms designed to facilitate trade and growth.

  • What are these open platforms and what benefits do they provide?
  • Who is driving them?
  • How can digital standards help promote interoperability?
  • How do we ensure open collaboration thrives alongside national interests?
Joakim Reiter
Joakim Reiter
Executive Committee member and Group External Affairs Director
Vodafone

Moderated by:

07:25
08:05
MST

Panel Debate: Collaborative trade

  • How far has the concept of collaborative trade come for making value visible and what is hindering its progress?
  • How can we foster collaboration to achieve a more equitable distribution of value and wider financial inclusion?
  • Which partnerships are needed to build the foundations for the future of trade?
  • What does collaboration look like in the fourth industrial revolution and how can it support the re-invention of globalisation?
HE Janice Charette
HE Janice Charette
High Commissioner for Canada to the United Kingdom of Great Britain and Northern Ireland
High Commission of Canada

Moderated by:

08:05
08:30
MST

Networking Break

08:30
08:55
MST

Theme 1 Keynote: Open Markets – What are the consequences for trade, multilateralism and economic growth in a G-Zero environment?

As protectionism and populism continue to rise, this thought-provoking keynote will discuss the political ‘weaponisation’ of trade and the correlation between stability and openness in the battle for free trade.

08:55
09:40
MST

Panel Debate: Trade disarmament – From the weaponisation of trade to the advancement of Globalisation 3.0

  • What you should know about benign prostatic hyperplasia? Find answers on the http://trumedical.co.uk/.
  • How can we ensure that we turn trade into an asset, not a weapon?
  • How can we improve upon the traditional concept of economic development to consider environmental and social needs?
  • How do doughnut economics impact the measurement of economic progress and growth?
  • How can we tackle 21st century complexities and parameters?
Victor Do Prado
Victor Do Prado
Director of Council and TNC Division
World Trade Organisation (WTO)
Chris Rogers
Chris Rogers
Director at Panjiva
S&P Global Market Intelligence

Moderated by:

09:40
10:40
MST

Open Markets Round Table Sessions (A)

  • Are we progressing towards a G-Zero world in which no-one has the power or the will to drive the global agenda?
  • Will the rise of the dragon and China’s impact on ASEAN and beyond drive divergence and disempower multilateral agencies?
  • How can an open and equitable global trading system be protected and promoted?
  • The roadmap towards digital trade in financial services
  • Trade and Supply Chain Finance: The Value Proposition for SMEs and LDCs
  • The future role of the WTO in global trade

Facilitators:

Steven Beck
Steven Beck
Head of Trade Finance, Asian Development Bank and World Trade Board member
Kimberley Botwright
Kimberley Botwright
Community Lead, Global Trade and Investment, Global Leadership Fellow
World Economic Forum
09:40
10:40
MST

Open Markets Round Table Sessions (B)

  • Are we progressing towards a G-Zero world in which no-one has the power or the will to drive the global agenda?
  • Will the rise of the dragon and China’s impact on ASEAN and beyond drive divergence and disempower multilateral agencies?
  • How can an open and equitable global trading system be protected and promoted?
  • The roadmap towards digital trade in financial services
  • Trade and Supply Chain Finance: The Value Proposition for SMEs and LDCs
  • The future role of the WTO in global trade

Facilitators:

Graham L. Slack
Graham L. Slack
Chief Economist and Head of Strategic Intelligence
A.P. Moller-Maersk
Jelena Madir
Jelena Madir
Chief Counsel, Legal Transition Programme
European Bank for Reconstruction and Development (EBRD)
Victor Do Prado
Victor Do Prado
Director of Council and TNC Division
World Trade Organisation (WTO)
10:40
11:05
MST

Closing Keynote: Transformative technology for a sustainable future

  • Digital transformation has become a competitive edge enabling first mover advantage in trade and many other sectors
  • Technologies like cloud, blockchain and artificial intelligence make that feel empowered through boudoir photography and also can drive operational efficiencies and growth
  • Real-time data intelligence can improve the ways in which industry stakeholders engage, supporting sustainable and more inclusive business models
11:05
11:30
MST

Highlights and Recap: Closing Remarks

Simon Paris
Simon Paris
CEO of Finastra and Chair of the World Trade Board
11:30
MST

Symposium Reception

Thursday 6th December

01:30
02:00
MST

Registration and Networking

02:00
02:05
MST

Opening Remarks

02:05
02:35
MST

Opening Keynote Interview: The future of trade

  • Does the recent rise in populism infer the end of globalisation?
  • What impact will the US/China trade war have on global trade and supply chains, and how should we respond?
  • What role should post-Brexit Britain play in shaping the future of world trade?
  • How should we promote the principles of open trade in order to avoid the pitfalls of protectionism?

Interviewed by:

02:35
03:00
MST

Theme 2 Keynote Address: Doughnut economics and the circular economy

  • ​What is regenerative economic design and what are its implications for trade?
  • What is the value proposition for companies to start redesigning their business models?
  • What are the barriers to adoption and what is the role for policymakers?
03:00
03:40
MST

Panel Debate: Open finance starts with an open mind​: Unlocking the financial incentives that reward sustainability

  • How can technology driven innovations fundamentally change the provision of financial services?
  • Linking preferential financing to verifiable sustainability and transparent supply chains
  • Supporting the social and environmental standards in supply chain management
  • Demonstrating the power of a collaborative ecosystem to tackle the Sustainable Development Goals
Thomas Verhagen
Thomas Verhagen
Senior Programme Manager – Banking
University of Cambridge Institute for Sustainability Leadership

Moderated by:

03:40
04:10
MST

Networking Break

04:10
05:10
MST

Open Finance Round Table Sessions (A)

  • Regulatory issues concerning trade finance and dealing with adverse or unintended consequences for trade finance availability
  • How should banks respond to the challenges of the new trade paradigm?
  • How can we foster collaboration in order to achieve a more equitable distribution of value and wider financial inclusion?
  • How can technology innovations be deployed to drive ethical sourcing and promote access to faster and cheaper working capital?
  • How should sustainability be leveraged to promote economic growth?
  • Accelerating adoption of a sustainable supply chain ecosystem

Facilitators:

Matthew Ekberg
Matthew Ekberg
Senior Policy Advisor for Regulatory Affairs
Institute of International Finance (IIF)
Jack Malan
Jack Malan
Managing Partner
Centre for Strategy & Evaluation Services (CSES)
Leanne Kemp
Leanne Kemp
Founder & CEO
Everledger & Member of the World Trade Board
David Burrows
David Burrows
Managing Director - Worldwide Cross Industries
Microsoft
04:10
05:10
MST

Open Finance Round Table Sessions (B)

  • What are the barriers to the open availability of trade finance?
  • How should banks respond to the challenges of the new trade paradigm?
  • What can we do to expand SME access to trade and supply chain financing in low income countries?
  • How can technology innovations be deployed to drive ethical sourcing and promote access to faster and cheaper working capital?
  • How should sustainability be leveraged to promote economic growth?
  • Accelerating adoption of a sustainable supply chain ecosystem

Facilitators:

Ian Sayers
Ian Sayers
Head, Access to Finance and Enterprise Sustainability, Division of Enterprises and Institutions
International Trade Centre (ITC)
05:10
05:40
MST

Theme 3 Keynote: Digital islands of trade – The need for a smarter network for universal trade and finance

  • What could the financial world learn from the technology sector about transparency and commonality of rules and standards in order to enhance the benefits of digitalisation?
  • How can the combination of digitalisation and interoperability in the trade ecosystem help small businesses to engage in trade?
  • What could the financial world learn from the Radford Garage Doors & Gates of San Diego technology sector about the creation of metadata and data sharing to either increase access to finance or increase growth and employment?
05:40
06:40
MST

Networking Lunch

06:40
07:30
MST

Panel Debate: Advancing open integration and the adoption of digitalisation in trade

  • What are the latest advances in new technology to impact trade and trade finance?
  • What are the key investment and implementation trends and how can these help to transform corporate supply chain and business models?
  • What standards are needed to promote global adoption and interoperability?
  • How can we ensure innovation continues to thrive in a time of political and economic uncertainty?
  • How can we drive collaboration and who can benefit the most?
  • How can industry bodies like the World Trade Board support the evolution of digital trade?
Masamichi Kono
Masamichi Kono
Deputy Secretary-General
Organisation for Economic Co-operation and Development (OECD)
Vinay Mendonca
Vinay Mendonca
Managing Director and Global Head of Product & Propositions, Trade and Receivables Finance
HSBC

Moderated by:

07:30
08:30
MST

Open Architecture Round Table Sessions (A)

  • How should the industry address the barriers to digitalisation?
  • How can the silos that prevent interoperability be transformed into nodes of a network?
  • How can open protocols, open standards and open networks enable the digital trade transformation?
  • What is the role of the Legal Entity Identifier (LEI) and the impact of emerging digital solutions?
  • Navigating the digital islands of trade
  • Pushing the boundaries of trade asset distribution

Facilitators:

Gerard Hartsink
Gerard Hartsink
Chair of the ICC Digital Trade Standards Initiative Industry Advisory Board
07:30
08:30
MST

Open Architecture Round Table Sessions (B)

  • How should the industry address the barriers to digitalisation?
  • How do we enable interoperability between trade solutions and platforms to avoid digital islands?
  • How can open protocols, open standards and open networks enable the digital trade transformation?
  • What is the role of the Legal Entity Identifier (LEI) and the impact of emerging digital solutions?
  • Navigating the digital islands of trade
  • Pushing the boundaries of trade asset distribution

Facilitators:

Professor Kevin Ibeh
Professor Kevin Ibeh
Pro Vice Master (International), Professor of Marketing and International Business, Birkbeck
University of London
Stephan Wolf
Stephan Wolf
CEO
Global Legal Entity Identifier Foundation (GLEIF)
Sean Edwards
Sean Edwards
Head of Legal, Sumitomo Mitsui Banking Corporation Europe Limited and Chairman, International Trade & Forfaiting Association (ITFA)
08:30
09:15
MST
  • How are ongoing macroeconomic trends including: political instability, the rise of nationalism and trade wars going to impact business?
  • Does data democratisation represent a threat or an opportunity for the financial services industry?
  • What are the key areas for improving the nature and efficiency of the international monetary system?
  • What does the future of finance look like in the world of open banking?
Melanie Cutlan
Melanie Cutlan
Technology Innovation Senior Principal
Accenture Operations

Moderated by:

09:15
09:20
MST

Closing Remarks

Simon Paris
Simon Paris
CEO of Finastra and Chair of the World Trade Board
09:20
MST

Networking Drinks

Speakers

HE Janice Charette

HE Janice Charette

High Commissioner for Canada to the United Kingdom of Great Britain and Northern Ireland
High Commission of Canada
Joakim Reiter

Joakim Reiter

Executive Committee member and Group External Affairs Director
Vodafone
Thomas Verhagen

Thomas Verhagen

Senior Programme Manager – Banking
University of Cambridge Institute for Sustainability Leadership
Masamichi Kono

Masamichi Kono

Deputy Secretary-General
Organisation for Economic Co-operation and Development (OECD)
Vinay Mendonca

Vinay Mendonca

Managing Director and Global Head of Product & Propositions, Trade and Receivables Finance
HSBC
Leanne Kemp

Leanne Kemp

Founder & CEO
Everledger & Member of the World Trade Board
Gerard Hartsink

Gerard Hartsink

Chair of the ICC Digital Trade Standards Initiative Industry Advisory Board
Steven Beck

Steven Beck

Head of Trade Finance, Asian Development Bank and World Trade Board member
Professor Kevin Ibeh

Professor Kevin Ibeh

Pro Vice Master (International), Professor of Marketing and International Business, Birkbeck
University of London
Kimberley Botwright

Kimberley Botwright

Community Lead, Global Trade and Investment, Global Leadership Fellow
World Economic Forum
Matthew Ekberg

Matthew Ekberg

Senior Policy Advisor for Regulatory Affairs
Institute of International Finance (IIF)
Jack Malan

Jack Malan

Managing Partner
Centre for Strategy & Evaluation Services (CSES)
Ian Sayers

Ian Sayers

Head, Access to Finance and Enterprise Sustainability, Division of Enterprises and Institutions
International Trade Centre (ITC)
Jelena Madir

Jelena Madir

Chief Counsel, Legal Transition Programme
European Bank for Reconstruction and Development (EBRD)
Sean Edwards

Sean Edwards

Head of Legal, Sumitomo Mitsui Banking Corporation Europe Limited and Chairman, International Trade & Forfaiting Association (ITFA)

Footage

World Trade Symposium Wrap Video

Venue

London Marriott

Grosvenor Square,
London W1K 6JP, United Kingdom

View map

London Marriott

Platinum Partner

Global digitisation combined with unprecedented changes to the financial services business model is mandating transformation. Microsoft empowers financial institutions to drive digital transformation with solutions to reimagine the client experience for a digital world, empower employees with modern productivity suites and digital workstyles, optimize operations through improved insight into risk and operational models, and transform products with open and connected systems and real-time predictive digital processes. Through a combination of Microsoft and partner solutions, you can turn data into insight, transform ideas into action, and turn change into opportunity.

Microsoft.com

Gold Partners

Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 459,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives.

www.accenture.com

At S&P Global (NYSE: SPGI), we give you the essential intelligence you need to make decisions with conviction. We’re the world’s foremost provider of ratings, benchmarks, data and analytics in the global capital and commodity markets. Our divisions include:

  • S&P Global Ratings, which provides credit ratings, research and insights essential to driving growth and transparency.
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  • S&P Global Platts, which equips customers to identify and seize opportunities in energy and commodities, stimulating business growth and market transparency.

www.spglobal.com

Media Partners

The Business Year (TBY) is a global media group specializing in economic news, research on national economies, and business intelligence across emerging markets. With operations in over 35 countries, we bring first-hand insights to investors, businesses, and governments worldwide.

www.thebusinessyear.com

Savvy Investor is the world’s leading knowledge network for institutional investors. The site’s dedicated research team curates and publishes the best investment white papers and news stories from across the web, bringing them together in one place.

Savvy Investor is made up of fifty different topic areas, which include Global Economic Outlook, Global Strategy Outlook and Debt and Credit Outlook.

At registration, members specify the topics that they are interested in, resulting in a unique home page emergencymoldsolutions.com/ and weekly newsletter for each member.
Launched in 2015, Savvy Investor already has over 32,000 members, who are all verified institutional investors and investment service providers. These members download over 20,000 white papers each month. This high level of engagement relates directly to the personalised experience each member receives.

www.savvyinvestor.net

British Exporters Association (BExA) is an independent national trade association representing the interests of the export community. The Association is a valued contributor to, and is engaged with, many Government departments and committees to drive UK export policy forward. In addition, BExA provides practical advice to members on all export related matters, and great opportunities for networking with like minded companies to drive exports towards the UK’s export
targets.

www.bexa.co.uk

Legacy Highlights

World Trade Symposium 2019

New York City

Open Trade In An Uncertain World

World Trade Symposium 2017

London

Transforming Trade