Partnership is vital to overcoming challenges ranging from COVID-19 to climate change, according to HSBC Group Chairman Mark Tucker.

He was speaking at the British American Business Transatlantic Finance Forum, a meeting of senior leaders in the US and UK financial services industries.

Partnership comes in many forms, he told attendees at the virtual event. It is the basis of an open and fair trading system, which research co-written by HSBC shows could be worth up to USD10 trillion of global GDP growth by 2025.

The coronavirus pandemic has also spurred a new level of collaboration between businesses, he said, best exemplified in the search for a vaccine.

“A process that typically takes years has been accelerated by the partnerships that we have seen across the pharmaceutical industry, as the various consortia have raced to find an effective vaccine,” he said.

In climate change, banks have an opportunity to work in partnership with customers as they transition to a low-carbon world. And cooperation between governments to align legal and regulatory frameworks could help to create an international environment which would support sustainable, resilient and inclusive growth – and from which everyone would benefit, he said.

Watch a recording of the session on YouTube (opens in new window)

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