Why biz chambers must lead on trade diplomacy

JOHN Denton, Secretary-General of the International Chamber of Commerce (ICC), recently spoke to Suranjana Tewari BBC about the impact of global tariffs.

- By Dinesh Weerakkody

Based in Paris, the ICC represents 45 million businesses, large and small, from across 170 different countries. ICC members were obviously amongst the first to feel the effects of Trump’s tariffs. Denton told BBC that the uncertainty is hurting businesses who worry about making a decision today, only for the rules to be changed tomorrow.

Denton also talked of how new markets are forming away from the US and its tariffs, with South East Asia transitioning from an export-based economy to one of consumption. And despite all the chaos the tariffs have created, John points out the World Trade Organization, and other economic architecture, has actually continued to function. As the global economy feels the tremors after the 1 August announcement of the new US tariff structure by US President Donald Trump — done to minimise US trade imbalances—there is an urgent need for business chambers to step forward and lead on trade diplomacy. At a time when political decisions can swiftly unravel decades of trade liberalisation, chambers of commerce must serve as the voice of reason and stability, championing open, rules-based trade that benefits all.

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