Islamabad :Former President ICCI Shahid Rasheed Butt on Wednesday said newly elected American President Joe Biden will improve global trade which was dented by his predecessor.
Trumpism, coronavirus and food crisis has damaged global trade and spoiled the image and interests of America but his successor will try to repair things resulting in political and economic stability at home and on the global level, he said.
The US will abandon the policy of threatening Europe, reduce political and diplomatic tensions with a number of countries and try not to use trade tariffs as a weapon against China, he said.
Shahid Rasheed Butt said that China holds 18 share in global GDP while the US share that was once 50 percent is now down to almost 14 percent which will be increased through reduced tensions and military engagements.
President-elect may expedite the troop withdrawal from Afghanistan which will be beneficial for all the regional countries and cooperate with China as far as pandemic and the environment is concerned.
However, he said, competition between the US and China in 5G technology, electric cars, artificial intelligence, biotechnology etc. will remain there.
The business leader noted that the newly-elected president has acknowledged that maximum pressure policy against Iran has failed; it has led to an escalation in tensions, while many US allies have rejected it, therefore, he may strike a deal with Tehran.
He will forge good relations with Pakistan, his interference may improve the human rights situation in Indian Occupied Kashmir and Palestine but a change in the US policy regarding CPEC is not likely.