The UN has expressed concern that uncertainty in the business sector can affect the economy already facing sensitive situations.
Earlier, UN General Secretary Antonio Gutresh said on Tuesday that “trade war was very negative,” and its scary results could be published.
The tariff is a tax imposed on imports in a country, which is usually paid to the exporter. It is taken as a percentage of the price of the product. This is an extra price, which makes the products expensive and are usually repaid by the customer.
In an interview published in the Financial Times on Thursday, a top UNCTAD official applied for his strategy to revisit his strategy in the United States.
He said that there are at least 5 developed countries, whose contribution is less than two percent of the US trade deficit. Due to further tariffs, their current debt crisis will worse.
Rebecca Greenspan told UN News that UNCTAD is providing a lot of cooperation to developing countries. At the same time, he advised to strengthen regional trade relations, which would help them keep these countries in terms of international trade discussions.
This interview has been edited for Bravity and precision.
UN News: The world’s two largest economies, the United States and China are under the process of imposing heavy trade allegations on each other. In your opinion, how big is it for us?
Rebecca Greenspan: When the two major global economy collect fees, it affects not only the economy involved in the war war, but also on everyone. We have already faced low development and the “new general” situation of the high debt and we are concerned that the global economy will slow down.
Our focus is on its impact on countries that are focused on the sensitive conditions including developing countries developing countries. What is happening to these countries is truly worried about us.
A factory (file) in China’s internal Mongolia
UN News: Some experts say that it may end of the international system created after the war. Is this fear valid?
Rebecca Greenspan: We still don’t know where it will end. We are trying to tell people what is actually happening and there is something that is just happening.
The most important thing is the problem of uncertainty. If we know the last situation, we will take action accordingly, we will have strategies and we will be able to understand how we can live with these decisions.
However, if this uncertainty lasts for a long time, where the situation always changes, it is harmful because we do not know what to do. Not being invested, because top officials are still waiting after the meeting, that is, the investment will not be the level needed in the world.
Our first request is to make reasonable decisions, so that we can plan according to the change, create strategies and mold. But we still do not know what that change will be like.
UN News: You have called for the poor countries to be relieved of tariffs by the US administration. Can your anxiety be noticed?
Rebecca Greenspan: We have not seen the analysis we have done anywhere else, which proves that these countries are not really contributing to American trade deficit. Most export products sent to the United States and many of them have not been noticed according to new rules.
These things do not compete with the United States, but they help in manufacturing processes.
I want to say that there are many countries that do not actually contribute to the deficiencies and are not important from the revenue point of view (money from tariffs). Or they are not a threat of competition for America or national protection.
So, maybe we can start new bilateral agreements and dialogues and protect these countries from tariffs.
Female workers are busy making jackets in a factory called Bhaiyat.
UN News: What is your advice for any worker in the production sector in developing countries like Vietnam or Madagascar?
Rebecca Greenspan: It is difficult to say, because some countries have more tariffs than others and so you don’t know how to have a competitive impact on it.
What we are talking about, Madagascar is a good example of this, as there are frequency exports in America. Their contribution to American trade deficit is so low that it has not been even recorded, so punishing the country in such a way.
UN News: What is the role of UNCTAD in supporting developing countries?
Rebecca Greenspan: As a company, we analyze trade, investment, funding and technology from the point of view of development, that is, we help the countries to take business opportunities.
We are not involved in business discussions. They are in the World Trade Organization, but we will help developing countries to get better trade situations and to make their economy better worldwide.
UN News: You have suggested more business within the regional blocks of developing countries, where they can talk to the rich countries. Will it be effective in such situations?
Rebecca Greenspan: Africa has a huge opportunity with the African free trade sector. According to our data, it can add about $ 3 trillion to the African economy.
This is a very big opportunity, and if they can speed up, they can take advantage of a large market and take large size in the form of economy.
African countries need to bring diversity to their economy, because if they continue to depend on the products, they will not be able to provide their population to service and income, which they possess.
Trade relations with ASEAN (organization of the Southeast Asian countries) and Mokosur (Southern Shared Market) are deep deeper in Southeast Asia and some parts of Latin America. These partners can be very important, especially in this age.