by Naim-Ul-Karim

DHAKA, Nov. 28 (Xinhua) -- China can play a vital role not only in reviving the global economy through multilateralism, but also help lay the foundation for an equitable and greener economy, a Bangladeshi expert told Xinhua in a recent interview.

The benefits of globalization will be enhanced in the long run through the multilateral system, said Rashed Al Mahmud Titumir, vice-chairperson of Asia Regional Committee of the International Union for Conservation of Nature (IUCN).

Titumir spoke highly of the remarks made at the 13th Asia-Europe Meeting (ASEM) Summit via video link by Chinese Premier Li Keqiang, who said all countries should always adhere to multilateralism when dealing with pressing international and regional issues.

Bangladesh can forge a strategic industrial partnership with China and Europe, which can help build its capacity for economic diversification and competitiveness in such fields as food, health services, energy and financial services, said Titumir, who is also head of the Department of Development Studies at Bangladesh's Dhaka University.

The COVID-19 pandemic has hurt the progress achieved in global development during the last 30 years, highlighting and reinforcing the capability gaps among governments in responding both to the health emergency and to the social and economic fallout, he said.

The social and economic damage of COVID-19 is particularly pronounced in countries with weaker health systems, higher levels of debt, smaller fiscal space to organize stimulus packages, less access to international liquidity, and weak productive capacity and associated low incomes, the professor added.

A bold multilateral response is needed, particularly to achieve the sustainable development goals, said the professor, calling for a strong commitment to forge a cooperation ecosystem that helps reverse the inequities between and within countries, as well as maintain open and free trade to help the poorest countries, particularly least developed countries (LDCs).

It's equally important to invest in a nature-positive recovery to "address the issues of two other pressing emergencies - climate change and biodiversity degradation," said the professor.

Besides strengthening social protection systems and providing specific support for the poor and vulnerable during the crisis, governments must reclaim their role in supporting the development of productive capacities to ensure structural transformation and resilience, the professor said. Enditem

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