In view of rapid globalisation of world trade, maintaining a high business ethical standard is becoming more important today. This is particularly true for Li & Fung business as a global supply chain orchestrator and logistics services provider. With global partners requiring timely and transparent information as well as faultless execution, their confidence and trust in Li & Fung's brand name, business model and commitment to privacy continues to form an important and integral part of its sustainable business growth. Hence, upholding high ethical codes and enforcing ethical disciplines in its own business is not an option but a must.

The example of Doha agenda for world trade can well illustrate how a high market ethical code can help maintaining the envisaged multilateral trading system. Should the Doha Round fail, there will be a breakdown of the multilateral trading system and consequential proliferation of bilateral and regional trading agreements. Market participants including regulators and business representatives will then have increasing room for interpretation, negotiation and mediation. In this unfortunate event, ethical codes on both sides of the negotiation table need to remain high in order not to downgrade the integrity of business dealings and the regulatory enforcement process.

Market participants from countries with different cultural and economic development, legislature and ethical understanding need to maintain an acceptable worldwide common ethical norm for business. Professionals, government, non-governmental, social and other organisations have a vital role to play in reinforcing this norm. In pursuing this objective, a concerted effort from all participants and especially, leaders in both the private and public sectors, is absolutely essential. For world trade to expand and to prosper, market participants from different jurisdictions need to embrace and reinforce the concept of a common acceptable ethical code for business.

Rapid globalisation has brought all our developed and developing economies into one trading arena. It is not difficult to envisage the difficulties of achieving a fair and equitable playing field if common minimum norms on market ethics is not embraced and practiced by all parties.

To this end, organisers of this forum are to be commended for their continuing efforts and rigor in fostering business ethics in both the private and public sectors in different economics. Their continuing education programmes offered to directors, senior executives, management and other staff provide not only useful references to new entrants but also serve as a timely reminder for all existing market participants.