In April, Greenpeace released video footage showing that a palm oil supplier for major food companies, the Hayel Saeed Anam Group was destroying large swaths of rainforest in Indonesia, despite concerted efforts by industry stakeholders to stop forest destruction in palm oil supply chains. The repercussions for Hayel Saeed Anam Group are still unfolding, but recent history suggests that the outcome may well involve financial consequences.
China’s emergence as an economic force has been both rapid and relatively recent. It was only in 2001 that China joined the World Trade Organization (WTO), allowing it access to foreign markets with very low tariffs on Chinese exports. In exchange, China had to lower its own tariffs on imports and follow the terms of trade governed by the WTO and its members.