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Globalisation is not over, but rather trade is shifting from West to East in a “reglobalisation of trade”, Russell’s Head of Business Development, Julian Kirkman-Page said in his IPP presentation, “Geopolitics in a Brave New World”. The presentation was delivered as part of the President’s workshop at the IUMI Conference in Singapore.
The Regional Comprehensive Economic Partnership (RCEP), containing 15 Asian-Pacific nations including China, Japan, Singapore and South Korea is largest trading bloc in the world, representing 30% of GDP, tying it with United States, Mexico and Canada agreement (USMCA).
Mr. Kirkman-Page highlighted Russell’s analysis of the three trading blocs, particularly the large volume of shipped trade within the RCEP bloc, valued at $2.2 trillion of goods, significantly higher than USMCA ($800 billion) and the European Union ($2.1 trillion).
According to Mr. Kirkman-Page:
“The buying power of the East bloc is massive with 30% of the World’s people and an increasing per capita spend capability.
“Re-globalisation is a theme of this year’s conference, which will lead to changes in the flow of money through the three main global trading blocs - the European Union (EU), Regional Comprehensive Economic Partnership (the RCEP), and the USMCA.
Mr Kirkman-Page discussed the rise of geopolitics which has been front of mind for businesses, insurers and government in a way not seen since the height of the Cold War.
In support of this, he highlighted a recent survey conducted by Russell of the Russell Working Group of corporate risk managers, which highlighted that 69% of risk managers view geopolitics as a priority over the next 12 months.
The Russell Working Group is composed of 30 risk managers representing sectors including manufacturers, pharmaceuticals, shipping lines, port management companies, importers, energy companies, banks, communications, technology companies and airlines.
Kirkman-Page concluded: “A summary of feedback from the executives I have spoken to indicates a need for flexibility, adaptability, and timeliness, underpinned by knowledge. That is where companies like Russell help.
The world will not be slowing down any time soon. We can see the growth in trade. A major area of opportunity seems to be now in the East. There is never a boring moment.”
