This morning at Doing Business Globally in New York, Peter Schechter, Director of the Atlantic Council’s Adrienne Arsht Latin America Center, led a discussion focused on the impacts of geopolitcal and macroeconomic developments on business.
Panelists included Baker & McKenzie Partners Peter MacKay from Toronto, Raymundo Enriquez from Mexico City, and Ross Denton from London.
A few highlights from the discussion:
- Uncertainty is the new certainty.
- The election of Donald Trump has remade American politics and could reshape the global order.
- There has been much discussion regarding NAFTA in recent months. Mr. MacKay said it has been the most profitable trade agreement in the world, one that has not only been favorable to Canada but also to the US.
- The panel discussed whether Brexit and the election of Trump may signal a wider backlash against globalization. They discussed that while globalization is here to stay, we may reach a point of “hyper globalization,” when its benefits may start to diminish.
- What can businesses do to show the value of globalization in the current environment? Companies need to communicate to the government and the public about the benefits of global trade in terms of jobs and revenue. The anti-trade, anti-globalization mindset can be met head on this way.