Davos message: More trade, less barriers

The six-day long 33rd annual meeting of the World Economic Forum concluded in Davos on Tuesday after agreeing to identify values, economic risks, political volatility and development as the main challenges and the new agenda for the global business community.

On the key question of values, there was a general agreement among all the co-chairmen of the annual meeting that values could be best promoted if business and society moved from rules to principles.

"We need rules, but more importantly we need principled behaviour," said Henry A McKinnell, chairman and CEO of Pfizer and the co-chairman of the meeting.

Other co-chairmen of the meeting were Bertrand Collomb, chairman and CEO of Lafarge and Philip M. Condit, chairman and CEO of Boeing.

McKinnell said the way shareholder value was being defined needed to be changed.

Shareholder's value should not just be measured by the company's share price, but by the value gained by its employees, customers and the communities in which it operated.

He was categorical that it was trade and more trade that would be the engine of future growth.

With 800 million people living on less than a dollar a day and the total subsidies being paid by the developed countries estimated at $300 billion, the road ahead was more trade with reduced barriers, he said.

Condit said while values were absolutely crucial to build trust, there was also the need to go beyond formal statements. "Enron also had put in place the formal statements," he said.

Therefore, corporates should be willing to commit themselves to the statements they make.

Condit also favoured dismantling of trade barriers to ensure sustainable development, just as robust strategies should be put in place to tackle economic risks and political volatility.

In his closing remarks, Boston University humanities professor, Elie Wiesel, said there was no alternative to rebuilding trust and hope and to listening to each other.

"No matter what, despair is no solution. War is the worst of all curses. But at the bottom of the Pandora's box, there is hope," he said.

Summing up the six days deliberations in six minutes, Wiesel said there was need to humanise destiny.

He recalled that he had wagered on hope after he lost all trust after the second world war and now he was once again looking towards hope.

"Wherever you may go, you go in peace," said Wiesel.

Earlier, the WEF had narrowed down the priority areas from about 30 action points identified by rapporteurs taking part in various sessions that tackled issues such as business, economics, geopolitics, global governance, development and values.