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At this year's flagship Transatlantic Forum on GeoEconomics, which took place in New York during the UN General Assembly, industry and political leaders discussed the most pressing geopolitical and economic challenges, from technological competition to financial resilience.
A key topic was the relationship between the US and China, especially the impact of China on global markets. "The US-China relationship remains extremely competitive," said R. Nicholas Burns, US Ambassador to the People’s Republic of China, Department of State. "We’ll be systemic rivals well into the next decade, perhaps even beyond."
His commentary emphasized the crucial need to strike a balance between economic objectives and national security, a priority for the Biden Administration. Burns delved into the complexities of managing relations between major global players, outlining both the potential opportunities and the challenges that lie ahead in the current geopolitical environment.
Adena Friedman, the CEO of Nasdaq, emphasized the importance of technology in strengthening economic stability and fostering innovation in digital markets, particularly in the face of unprecedented disruptions. "If we were to eliminate fraud across the US banking system, our calculation is that US GDP would be 50 basis points higher than it is today," said Adina Friedman.
Lisa Monaco, Deputy Attorney General, US Department of Justice, highlighted the significance of cybersecurity, stressing that economic security increasingly depends on how we protect our digital infrastructure. "Today, the most pressing challenges we see combine and intertwine national security, economic security, and increasingly technology," says Lisa Monaco.
Daleep Singh, Deputy National Security Advisor for International Economics, The White House, noted that the energy transition is a strategic priority for global security: "The energy transition is not just about sustainability but also about rethinking geopolitical alliances."
Participants emphasized the importance of active government policies in addressing the challenges of losing technological dominance and industrial potential. The need to enhance support for strategic investments in infrastructure and innovation to maintain economic resilience was underscored.
They discussed the role of innovations in combating financial crimes, as well as reforms in financial regulation to counter money laundering and terrorism financing.
This year’s forum highlighted the importance of aligning economic and security strategies to strengthen global partnerships and address emerging challenges in finance, technology, and energy.
After the forum, a concert was held by Atlantic-Brucke in cooperation with the Siemens Art Program at Carnegie Hall.
Thank you to the Atlantic Council GeoEconomics Center and Atlantik-Brücke for organizing the event!
