Published
September 17, 2024
The U.S. Chamber of Commerce is again organizing programs in New York in conjunction with the UN’s 79th General Assembly (UNGA) during the week of September 23. Exclusive Chamber events are in advanced planning with a dozen heads of state and government, as well as nearly two dozen other minister-rank officials, and Chamber staff and members will take part in senior-level events focusing on issues such as cybersecurity and sustainability.
The theme of this year’s General Assembly is “Leaving no one behind: acting together for the advancement of peace, sustainable development and human dignity for present and future generations.” Russia’s ongoing war in Ukraine, the Israel-Hamas conflict, and tensions in the South China Sea will likely figure prominently in speeches by visiting leaders, as will fitful progress toward the Sustainable Development Goals and efforts to make the UN Security Council more representative of a changing world.
Mounting Risks
For the business community, attention will focus the imperative of economic growth. The IMF forecasts global economic growth this year and next of just above 3%, but “near-term risks have become more prominent,” argues Jean-Marc Natal, Deputy Chief of the IMF’s World Economic Studies Division. He points to a “lack of progress on services disinflation, renewed trade tensions, and geopolitical uncertainties” as key risks and warns that “significant swings in economic policy around elections could lead to fiscal slippages and heightened protectionism.”
The introduction of new trade barriers is certainly on the minds of business executives, with Chinese industrial overcapacity figuring prominently. Faced with a painful contraction in its property sector, China has doubled down on non-market policies that emphasize even greater investments in manufacturing. As a result, Chinese manufacturers are attempting to export their way to growth, with officials from around the globe noting how domestic competitors are struggling against subsidized Chinese challengers.
Proliferating Protectionism
The imminent U.S. election is also drawing close scrutiny worldwide. Protectionist policy proposals and the absence of an affirmative U.S. trade agenda are being tracked closely by international observers, and business leaders are concerned the lack of U.S. leadership on the global economic stage leaves a void that competitors and adversaries will be quick to fill.
At the Chamber’s events, discussions are expected to focus on such topics as the need for more international cooperation on cybersecurity and the deployment of AI; the imperative of bolstering energy security and developing a diverse array of energy resources even as the energy transition unfolds; and the need to advance private sector infrastructure investments in Africa and Southeast Asia that leverage the continuing strength of the U.S. capital markets.
The Chamber Team at UNGA
Member company representatives will have the chance to engage with officials and drive discussions around priority areas for the business community. Follow the Chamber on X and LinkedIn or visit the Chamber’s website for updates.
U.S. Chamber Hosts President Zelenskyy
About the authors
John G. Murphy
John Murphy directs the U.S. Chamber’s advocacy relating to international trade and investment policy and regularly represents the Chamber before Congress, the administration, foreign governments, and the World Trade Organization.
