(MENAFN- Trend News Agency) TBILISI, Georgia, May 4. It is time to reduceemissions associated with the global value chain, ADB PresidentMasatsugu Asakawa said during the opening ceremony of the ADB Boardof Governors meeting held in Tbilisi on May 4, Trend reports.
“Our presence in this room demonstrates how deeplyinterconnected our world is. We should celebrate this. We shouldalso build on these connections to build a greener and more openeconomy. It might be easy to look back at the pandemic or thecurrent geopolitical tensions and conflicts and conclude thatglobalization is dead. I don't believe that,” he said.
Asakawa noted that it is true that global trade and supplychains are vulnerable to shocks.
“But the answer cannot be protectionism and segmentation. Freetrade and free movement of capital have benefited our region fordecades, and this must be a step forward. So let's look at how todeepen regional cooperation to improve supply chain resilience,promote cross-border trade, encourage private sector investment,and strengthen financial and tax cooperation,” he said.
Asakawa also stressed the importance of finding ways todecarbonize global supply chains.
“Trade-related activities account for up to 30 percent of globalcarbon emissions. The uncomfortable truth is that, amid strongeconomic growth in Asia, our contribution to greenhouse gasemissions is rising. Now is the time to act to reduce global valuechain emissions for a more sustainable future,” he said.
The opening session of the Asian Development Bank (ADB) Board ofGovernors has kicked off in Tbilisi. The Opening Session marks theofficial start of the Annual Meeting. It is a high-profile eventattended by the Guest of Honor from the host country.
The theme for the 57th Annual Meeting to be held from May 2through May 5 is“Bridge to the Future.”
The Annual Meeting is an opportunity for ADB governors toconsider development issues and challenges facing Asia and thePacific. Several thousand participants, including financeministers, central bank governors, senior government officials,members of the private sector, representatives of internationalorganizations and civil society organizations, youth, academia, andthe media, regularly join the meeting.
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