Business development Rebecca Smith · 18 November 2015
Alibaba’s Jack Ma: We need a WTO 2.0 to support small businesses or it will be a disaster
Alibaba’s founder believes there should be a global body which supports small businesses in a similar way to the World Trade Organisation (WTO). Jack Ma said a WTO 2.0 would be crucial in helping the ‘small guys? develop using innovations and technologies. in the past 20 years, WTO did for big companies. In the next 20 years, we should use WTO to support small guys because if we cannot change it, it will be a disaster for everybody. Small guys are the most innovative companies, Ma said. Speaking at the Asia Pacific Economic Cooperation (APEC) CEO Summit, Ma pushed for ‘something that will really help the small guys, with more than ten million small firms worldwide. no matter what country you are from, or what size your company is, trade is freedom, a human right, and not to be used as a tool against an economy, he said. globalisation really helped pump up the global economy. It helped the big companies and developed nations, but the developing nations and small guys did not benefit enough from globalisation, Ma added. He also wants to build the infrastructure of payment online to overcome difficulties faced by regulations across governments. let’s do it online first. Today, our sales in China this year is $500bn. It’s almost the same size as Walmart and that’s mainly in China. If we had a negotiation with all the governments, this will go nowhere because they will never agree with each other, he said. Ma’s Alibaba group established its business as an online and mobile commerce firm providing online marketplaces in retail and wholesale trade. He advised small business owners to build their firms online first, using his own company as an example. Ma also discussed the success of China’s Singles Day sales, saying Alibaba earned US $14.5bn on the day alone, with 45m people purchasing from their phones, he said the rise in people shopping via mobile was down to small businesses across the world. Some 125m people shop using their mobile phones every day, a number Ma said was unimaginable 15 years ago.
ABOUT THE EXPERTRebecca Smith
Rebecca is a reporter for Business Advice. Prior to this, she worked with a range of tech, advertising, media and digital clients at Propeller PR and did freelance work for The Telegraph.