Recently, the G20 summit acknowledged Alibaba Executive Chairman Jack Ma for promoting free trade for small and medium-sized enterprises (SMEs).
In order to brace digital trade, the recommendation of business leaders was entertained by the G20 Leaders Communique under Business 20 (B20) on Monday. It also paid attention to its program on an Electronic World Trade Platform (eWTP). eWTP is a concept that lets nations employ free and fair trade for their SME constituents.
The B20 SME Development Taskforce had Mr. Ma as their chairman and had 107 members from global business. It was the SME Development Taskforce to release recommendations for SME development to the G20, which included support for eWTP too.
Soon after the completion of the G20 Summit, Roberto Azevêdo, World Trade Organization Director-General, and Mr. Ma had a meeting at Alibaba’s headquarters to discuss Mr. Azevêdo’s vision for a highly inclusive WTO. They also discussed how they could reach the goal together.
It is WTO and eWTP’s collective effort to enable global trade. It is deemed that SMEs can still increase their competencies and footprint across the world by promoting public-private dialogue that helps protect e-trade rules and encourage more resourceful policy and business environment.
Mr. Ma affirmed, “The G20 leaders have acknowledged the importance of freer, more inclusive and innovation-driven trade to extend the benefits of globalization to those that have been left behind in the current model. The eWTP will benefit small and medium-sized businesses and consumers. It is about the people, not big business.”
The G20 also allowed many representative trade and commercial firms in different countries to sign deals and talk about cooperation with Alibaba in access areas to the Chinese travel and tourism, investment, and consumer market. These include companies from Italy, Canada, Russia, and Australia.
According to Mr. Azevêdo, “Trade has been at the top of the agenda here in Hangzhou – at both the G20 and B20 summits – with leaders calling for the trade to be at the heart of efforts towards global growth. As part of this, we must trade more inclusively–allowing everyone to take part and feel the benefits. That means trade must work for SMEs.”
Adding to it, he said, “One vital element will be to ensure that SMEs can access online commercial platforms. That’s why the discussion on digital trade is so important, including the proposal for an Electronic World Trade Platform–or eWTP. I look forward to working with Jack.”