Okonjo-Iweala: Multilateral trading system still alive
The Director General of the World Trade Organisation, Ngozi Okonjo-Iweala has said that despite growing trade tensions across the world, the multilateral trading system is still alive. Okonjo-Iweala said during a press conference in Geneva that 75 per cent of world trade currently takes place on WTO rules, which goes to show why it is critical to take globalization seriously.
Thu, 14 Sep 2023 14:42:50 GMT
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AI Generated Summary
- The multilateral trading system remains robust, with 75 per cent of global trade conducted under WTO rules, highlighting its continued relevance in international trade.
- Regional and bilateral trade agreements often draw inspiration from WTO regulations, showcasing the interconnected nature of global trade frameworks and the potential for collaboration.
- Innovative elements in trade agreements, such as provisions for gender equality and environmental sustainability, demonstrate the adaptability of the global trade system and the opportunities for integration.
The Director General of the World Trade Organisation, Ngozi Okonjo-Iweala, recently spoke at a press conference in Geneva, Switzerland, emphasizing the continued strength and importance of the multilateral trading system despite growing trade tensions around the world. Okonjo-Iweala highlighted that 75 per cent of global trade currently operates under WTO rules, underscoring the critical role that globalization plays in the modern economy.
During the conference, Okonjo-Iweala addressed concerns about the sustainability of the multilateral trading system amid increasing geopolitical tensions and the rise of regional and bilateral trade agreements. She pointed out that some people question whether de-globalization is underway, leading to doubts about the effectiveness of the WTO and the multilateral trade agreements it oversees.
However, Okonjo-Iweala provided a reassuring statistic, stating that three-quarters of world trade is conducted under WTO's most favoured nation terms, demonstrating the continued relevance and prevalence of the organization's rules and commitments. She emphasized that the multilateral trading system remains robust and essential, serving as the foundation for a significant portion of global trade.
Furthermore, Okonjo-Iweala highlighted the interconnected nature of trade agreements, noting that many regional and bilateral trade deals are structured based on the principles and regulations set by the WTO. She commended the innovative elements that some agreements introduce, such as considerations for gender equality, support for small and medium enterprises, and environmental sustainability. Okonjo-Iweala expressed enthusiasm for the exchange of ideas and practices between multilateral and bilateral agreements, emphasizing the potential for integration and collaboration to enhance the global trade system.
In conclusion, Okonjo-Iweala's remarks underscore the resilience and adaptability of the multilateral trading system in the face of evolving economic landscapes and trade dynamics. She emphasized the importance of appreciating the foundation laid by the WTO in facilitating global trade and fostering cooperation among nations.
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