Serious crises hit the private sector all over the world

The regional and international chambers of commerce, industry and agriculture signed the joint declaration of the regional and international chambers of commerce under the title "A Common Future", on the sidelines of the activities of the Mediterranean Economic Week held in Barcelona.

The agreement was signed by the Federation of Mediterranean Chambers of Commerce and Industry, the Federation of Arab Chambers, the Federation of African Chambers of Commerce, Industry, Agriculture and Professions, the Association of European Chambers of Commerce and Industry, the Islamic Chamber of Commerce, Industry and Agriculture, the Association of Ibero-American Chambers of Commerce, Industry and Services, and the Federation of World Chambers.

The participants expressed the fears and concerns of the private sector about the repercussions of the Russian-Ukrainian war and the aftermath of Corona, and Ahmed El-Wakil, President of the Union of Mediterranean Chambers “ESKAMI” and President of the Egyptian Chamber of Commerce in Alexandria, stated that the joint declaration that was signed by the heads and representatives of the federations of regional and international chambers confirmed that The world is at a crossroads and governments and companies must adapt to the new normal and learn to navigate a world where work habits have completely changed.

The climate crisis is more urgent than ever, threats to international trade and global cooperation remain. Open and constructive cooperation and dialogue are essential to ensuring the success and prosperity of future generations.

 Post-COVID-19

He said that the post-COVID-19 world and the Ukrainian war requires joint cooperation in the international business sector through working together, exchanging knowledge, and using common experiences. Through chambers of commerce, it is possible to achieve common goals, improve competitiveness, and strengthen companies by pursuing future strategies. Paving the way for sustainable growth, and partnership is required to achieve goals and progress, and this is the right path.

The entire private sector is concerned

The joint declaration confirms that the entire private sector is deeply concerned about the social, economic and political consequences of the pandemic and the war in Ukraine; Describing it as a huge, unexpected and tragic shock to social welfare and economic activity around the world, and everyone does not know if everything will return to the way it was before the Corona pandemic and the Russian-Ukrainian war, but what is certain is that the consequences will be long-term and must be dealt with with a different vision in the post-war world. Corona pandemic.

On the macroeconomic level, the joint declaration indicated that the state of emergency will be lifted and those in charge of the economy will review priorities in light of the economic instability we are currently witnessing around the world.

Chambers of Commerce

Chambers of Commerce have been a major driver in the development of millions of companies and have worked with governments and institutions to find solutions to local, regional and global challenges and support the private sector. But recently, the role of chambers of commerce has begun to be questioned, even in many countries their role has been reduced, forgetting their importance in economic development, internationalization, training and strengthening regional cooperation.

Opening up of international trade and investment

Chambers of Commerce encourage the openness of international trade and investment, as well as the market economy due to their international nature, pointing out that companies operate today in a new and volatile technological work environment where innovation and adaptation are essential elements. The structure of the company, the workforce, the products or the customer is constantly changing and new solutions are needed and the Chambers must be in a position to assist, seize opportunities and unite synergies that help development and economic prosperity.

The joint declaration stressed the importance of the role of chambers of commerce, run and funded by businessmen who have the broadest knowledge of what real needs are. They are key players as institutions responsible for promoting economic activity and promoting trade and investment cooperation.

Working side by side with international organizations, chambers of commerce are key tools for the successful coordination of business activities between the North and the South and to promote three levels of cooperation: cooperation in the field of development assistance, trade cooperation through exhibitions and missions, and regional cooperation as interlocutors with multilateral organizations   Its role in achieving trade openness in certain regions of the world is sometimes more beneficial than diplomacy itself.

Support initiatives to help startups

Chambers of Commerce and the private sector should focus on the challenges of the current situation and events related to the COVID-19 pandemic and its impacts on the business sector and the economy. It must launch support initiatives to help startups survive and grow while facing exceptional market challenges. It also supports technology entrepreneurs who want to develop their position as a global hub for innovation.

Chambers must not only act to protect the interests of their members, but their work must benefit the national and global economy as a whole, thus, advancing the Sustainable Development Goals and helping to ensure global peace and prosperity by promoting more open and inclusive international trade. And to establish a sustainable mechanism that measures and evaluates the needs, aspirations and challenges of companies.

 Chambers of commerce around the world should work under common goals, such as facilitating trade, removing existing barriers, promoting economic development and improving the business environment. These goals have evolved to create a strategic partnership that facilitates trade finance, and they must always strive to provide their members with the tools and knowledge they need to thrive and grow locally and globally, to develop smart solutions and innovative services for companies, and to adopt future strategies within the framework of competitiveness.

International trade crises

It can be said that exporters in the world are facing an unprecedented state of anxiety due to the crises in international trade and the declining activity witnessed by the various production lines in the Mediterranean region and all over the world, which led to a disruption in the air, land and sea supply chains due to the spread of the Corona virus. New and measures taken by governments to combat the epidemic. This caused supply shortages, production line closures, payment defaults, and so on.

Exporters must deal with digital and electronic trade and make efforts to promote products manufactured in the region and make them able to compete internationally, and to ensure and strengthen production chains as much as possible and reduce their external dependence.

Chambers of Commerce around the Mediterranean can take the lead as the world navigates the 'new normal'.