Business needs predictability, stability in fragmented world: ICC Chair

ICC Chair Philippe Varin, at Raisina Dialogue, called for predictability, stability, and pragmatic reforms for business investment in a fragmented world, warning of fragile partnerships and the risks posed by a weakened WTO to developing nations.

Predictability and Stability Essential for Business

Business operations and long-term investments require a foundation of predictability and stability to succeed in an increasingly fragmented global environment, said Philippe Varin, Chair of the International Chamber of Commerce, France, on Saturday. He noted that pragmatic reforms and common principles are essential for fostering investment as geopolitical shifts continue to complicate the international landscape.

Speaking to the media on the sidelines of the Raisina Dialogue event in New Delhi, Varin stated, "What is absolutely essential in this world? For the business, we need predictability, we need stability, and if you want the investment to be done. And for this to happen in a world which is more and more fragmented, we should have common principles but also make very pragmatic reforms. The International Chamber of Commerce is here to make proposals based on the question on the ground...I am feeling very good after attending the Raisina Dialogue 2026"

Fragile Partnerships and Complex Supply Chains

Earlier, during a panel discussion at the same event, Varin highlighted the fragility of current international partnerships. He questioned how businesses can compete in technology while maintaining meaningful collaborations.

"How can businesses compete in #technology while still forging meaningful partnerships? Supply chains have grown increasingly complex, and critical materials are vital for mobility, energy, and sustainability. Partnerships are essential--but without shared principles, they remain fragile," Varin said.

Risks of a Weakened WTO

Varin also pointed out the risks associated with the weakening of established trade bodies. "If the WTO were to collapse, developing and emerging economies could lose 5-10% of their GDP. The growing number of bilateral agreements is further complicating the pursuit of multilateral consensus," he said.

India to Address Trade Challenges

Speaking about the WTO, Commerce and Industry Minister Piyush Goyal noted that India is positioning itself to address these trade challenges during the upcoming international forums. Also speaking to the media at the Raisina Dialogue, the minister said that New Delhi intends to engage with global partners on these critical issues.

"We have the WTO ministerial coming up end of this month. We'll discuss these issues with an open mind during the WTO ministerial," Goyal said while speaking on the sidelines of the Raisina Dialogue in New Delhi. Goyal also praised the Raisina Dialogue, India's flagship conference on geopolitics and geo-economics, for emerging as a major international platform that attracts policymakers, diplomats and experts from around the world. "Raisina Dialogue makes India proud. It has truly established itself on the global stage as a must-attend event," he said. "Very high-quality discussions, very high level of participation both from India and internationally." (ANI)

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