00:00Global trade is being reshaped at breathtaking speed and the world must brace for deeper
00:14transformation. That was the key message from Chinese Premier Li Chiang who opened the World
00:19Economic Forum's annual meeting of the New Champions 2025 in Tianjin with a bold warning
00:26and a call to rethink how nations engage economically. Lead Editor Najib Arof has the report.
00:33Global trade is being reshaped at a breathtaking speed and the world must brace for deeper
00:41transformation and that was the key message from the Chinese Premier Li Chiang who opened the World
00:47Economic Forum's annual meeting of the New Champions 2025 in Tianjin, China. He said during his keynote
00:53address and also sends a bold warning and call to rethink how nations engage economically and
01:01according to him the balance of economic power is tilting decisively and at the same time advanced
01:07economies are seeing stagnation in trade while developing nations are on the rise and fast.
01:13Let's listen to what he said.
01:14Economic and trade system is becoming more diverse and the global south is rapidly gaining strength.
01:26While trade is weakening in developed economies which represents the overall trend, global south
01:34countries which account for about 70% of the global population are emerging as a vibrant market.
01:42Since 2000 trading goods of developing countries has grown by 4.6 times in the past over 20 years, much faster
01:57than that of developed economies and its share of global trade has increased from 30% in 2000 to 45%.
02:10And he went on to say that regionalism has surpassed the multilateralism at the current speed and
02:16pace and also this shift brings flexibility but at the same time risk and we need to ask whether this
02:22fragmentation ultimately help us or hurt the global trade. This is what at least for now we have to
02:30ponder around the world especially from developing nations. Reporting from Tianjin for Awan International.
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