If not tamed well in time, geoeconomics battle space would take gargantuan proportions, on the wake of which, the entire globe is placed under threat of business warfare between and amongst powers leading to economic destruction of the scale, the world hitherto has not seen. Initiatives have been suggested by concerned professionals to avoid this calamity. Here are few:
A ground shaking suggestion is to form World Geoeconomics Forum (WGF) consisting of all member nations of the UN General Assembly and where deliberations take place without prejudice to international law and practice relating to trade, investment and any other matters. Significantly voting shall be on one member one vote and none of the resolutions could be countermanded by the UN Security Council.
Rules and regulations of conducting business warfare in the global arena should be framed including areas like legitimate causes for commencing hostile actions in geoeconomics, the type of provocation as casus belli and the type and level of response must be outlined. Any aggrieved party shall give notice to the WGF for an investigation and deliberation leading to a resolution.
Each country shall be allowed to have its space considering its cultural, economic, political and administrative factors, in developing set of rules and regulations for the conduct of geoeconomics battue subject to, of course, such rules & regulations are in accordance with the generally accepted principles of the WGF.
Every country has the prerogative to have a right balance between free trade & protectionism taking into considerations of the fact that any such action does not place another member country on undue disadvantageous position.
Free flow of financial messaging and exchange communication is ensured and necessary amendments must be made to intermediaries like SWIFT so that no power can interfere in the workings of it. Proven without an iota of doubt a typical transaction that violates the norms of SWIFT could be withheld temporarily for a limited time so that the remitter and receiver are able to present facts & figures in appealing for the rescinding of such withholding.
The triumvirate US-Russia-China must be tasked to develop common mechanism for financial assistance to developing nations instead of embarking on flagship schemes that pits parties into a conflicting situation. BRI by China and its alternative Clean Green Initiative (CGI) by G7 is a case in point.
Finally, both private sector and public sector in every country are allowed to form partnership of business undertakings. Finding the proper via-media between private and state sector participation as a matter of discretion better be left with individual member nations of World Geoeconomics Forum.
Cheers!
Muthu
Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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