A stronger WTO is needed for people, planet and prosperity
The WTO Deputy Director-General , DDG González, has emphasized the need for a strong World Trade Organization. Speaking at DHL Forum, aimed at bringing together leaders from the public and private sectors to discuss how to achieve a resilient future, the director called on individual investment into the strenghting osf the world trade organization as its need keeps increasing
“Globalization is not going away, but it is changing,” she said, adding that “businesses will need to adapt to a world of geopolitical tensions, heightened trade policy uncertainty, and possibly an increasingly fragmented global economy.”
“The rules-based trading system offers businesses everywhere the openness, transparency, and predictability they need to navigate an increasingly complex and challenging trade policy landscape,”
“I encourage you to invest in strengthening the WTO and work closely with all other stakeholders to build the WTO that people want and need for the 21st century,” she said.
Further praising initiatives to revive the WTO dispute settlement mechanism, while highlighting the significance of revamping the WTO to protect rules-based trade and foster greater trade cooperation. DDG González noted that “trade has played a key role in supporting economic recovery and averting shortages by bringing food and other critical supplies to where they are needed.”
“Delivering a well-functioning dispute settlement system is an absolute priority because in a system where rules cannot be enforced, predictability suffers and it becomes harder to negotiate new rules,”
“By working together on making trade easier, faster and less costly, we can bring trade opportunities to more communities and more small- and women-owned businesses,” she added.
DDG González noted that several groups of WTO members are spearheading initiatives to respond to the way businesses trade in the 21st century. “The latest example is an agreement to cut red tape and increase transparency that will save service firms some US$ 150 billion in global trade costs annually,” she said.
DDG González called on businesses to turn their netzero ambitions into action. “The WTO can be your strong ally in going green,” she said, adding that “cooperation at the WTO can promote greater coherence across climate standards, enable clean and circular business models, and coordinate efforts to fight plastic pollution.”
“The WTO matters, especially in times of crisis,” DDG González said. “I call on business leaders to make the case that reforming, improving, and modernizing the WTO is worth the effort,” she concluded.