We now see ahead of us the rapid expansion of global geopolitical risks, such as the US-China confrontation, North Korean issues and above all the recent Russian invasion of Ukraine. The impact on the global economy is very significant and has directly lead to global supply chain disruptions and the increasing need for nations to ensure their economic security. Nations also urgently need to strengthen their competitiveness in order to achieve this. Meanwhile, trade and investment, an engine of economic growth, is now exposed to the rising threat of protectionism against the background of a malfunctioning WTO and emerging anti-globalization and nationalist sentiments in the United States and some European nations. We are now tasked with building up a rules-based international economic system instead of a power-based one as quickly as possible in order to secure resilient supply chains and an open world trade system well balanced between economic security and free trade principles.
In FY 2021 JEF started three research and study group projects to pursue policy solutions for such issues affecting the international economy. Each study group consists of leading thinkers in the fields of business, government and academia. We will be working on at least two projects every year in the coming years. Thus our mission has expanded to resemble a think tank's work in addition to our original purposes, disseminating opinions and information all over the world.