Bailey: Worldwide disparities in an increasingly divided world

Welcome Address to the Bellagio Group

I would like to begin by warmly welcoming everyone attending the Bellagio Group meeting and to commend the organizers for selecting such a timely and significant topic for discussion.

Today, my aim is to provide some introductory context by focusing on three main areas:

• First, I will revisit the advantages that open economies offer and discuss the necessity of supporting them through an international framework grounded in rules, where multilateral organizations play a pivotal role.
• Next, I will outline several key factors that contribute to the effective functioning of this global system.
• Lastly, I will draw attention to several major challenges that we currently confront and must address moving forward.

Let us begin by considering the value that international trade brings...