Officials and economic experts warned that there are several challenges hindering global trade, most notably the geopolitical tensions, whose effects on the global economy, the movement of trade, the supply and demand environment, and commodity price expectations are difficult to anticipate.

During their participation in the "Global Commodity Outlook 2020" conference, organized by the Dubai Multi Commodities Center, yesterday, they explained that the challenges also include tariffs, trade wars and the spread of the Corona virus, stressing that the world needs to see more growth and prosperity in two One of the largest emerging consumer economies, India and China, is that both countries face challenges that will directly overshadow trade in goods.

Shri Vipul, Consul General of India in Dubai, said that the world currently faces a number of challenges that impede the smooth flow of trade, including geopolitical tensions, tariffs and trade wars, as well as technology, innovation and a global focus on sustainability, noting that these factors affect Intrinsic to the way the trade sector works, and it provides an opportunity that we can all benefit from.

He added: “Looking at this region, the UAE is a very important market for India, as we have many strategic agreements with it, and therefore India is optimistically seeing this relationship grow and develop in the future.”

For his part, Sanjeev Dutta, Executive Director of Commodities and Financial Services at the Dubai Multi Commodities Center, said that the global market is currently witnessing countless concurrent events and geopolitical tensions, stressing that it is difficult to predict its effects on the global economy, trade movement, supply and demand environment and expectations Goods' prices.

He pointed out that the center monitors the impact of the Corona virus on the movement of global goods and trade, stressing that there is no direct impact of the new virus on business at the DMCC.

Dutta added that the proliferation of "Corona" is one of the main challenges facing global commodity markets, as a result of its impact on supply and demand for goods, pointing out that the virus may cause a decline in GDP growth in China, by nearly 5%.

In turn, the Chairman and General Manager of Richcom Global Services, Parish Kotisha, expected that this year will be full of challenges and turmoil, indicating that the world today needs to see more growth and prosperity in two of the largest emerging consumer economies, namely India and China, Especially that both countries face challenges that will directly overshadow the trade in goods.

202 companies joined Dubai Commodities in a month

Sanjeev Dutta, Executive Director of Commodities and Financial Services at Dubai Multi Commodities Center, said that the performance of the center was strong, during the past year, in terms of the number of new companies joined to it, which numbered 559 new companies, pointing out that during last October, the center witnessed the accession 202 new companies, recording the highest growth rate in one month during the past two years, bringing the number of companies in the center to 17 thousand companies, including 500 Chinese companies.

Sanjeev Dutta

"Corona's spread is one of the main challenges facing global commodity markets."