WTO: European Council President Stresses the Importance of Trust, Trade, and Transformation for Multilateralism
Date: 2024-11-01 17:00
Source: World Trade Organization (WTO)
Article Content:
In a major speech at the World Trade Organization (WTO) on November 1, 2024, European Council President Charles Michel emphasized the vital role of trust, trade, and transformation in strengthening multilateralism and achieving the WTO’s goals.
Trust:
President Michel highlighted the erosion of trust in multilateral institutions, including the WTO. He called for renewed efforts to build trust among member states through transparency, accountability, and fair dispute settlement mechanisms. He stressed that trust is essential for countries to cooperate effectively and address global challenges collectively.
Trade:
The President emphasized the importance of trade as a driver of economic growth and development. He called for a rules-based trading system that is fair, predictable, and inclusive. He urged member states to continue negotiations to reduce trade barriers and promote a level playing field for businesses worldwide.
Transformation:
Recognizing the evolving global landscape, President Michel advocated for transforming the WTO to meet contemporary challenges. He proposed addressing issues such as:
- The digital economy and e-commerce
- Climate change and sustainability
- Public health emergencies
- Global supply chain resilience
He emphasized the need for the WTO to adapt its rules and procedures to accommodate these emerging priorities.
Next Steps:
President Michel outlined several concrete steps to strengthen multilateralism and the WTO:
- Enhancing transparency and accountability
- Streamlining dispute settlement mechanisms
- Modernizing trade rules for the digital economy
- Addressing climate change and sustainability in trade agreements
- Promoting inclusive trade for developing countries
He called on member states to work together to implement these measures and ensure that the WTO remains a relevant and effective organization in the 21st century.
Conclusion:
President Michel’s speech highlighted the importance of trust, trade, and transformation for the success of multilateralism and the WTO. He emphasized the need to build trust, promote fair trade, and adapt to evolving global challenges. The WTO and its member states must work collectively to implement these principles and ensure that multilateralism remains a force for global cooperation and economic prosperity.
European Council President: For multilateralism to work we need trust, trade and to transform
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