Davos: DG suggests deep breaths and to “chill” over trade tensions; ministers show WTO support
24 January 2025
Davos, Switzerland – Director-General Ngozi Okonjo-Iweala told world leaders and business executives gathered in Davos on Tuesday (24 January) to “take a deep breath” and “chill” when faced with trade tensions, emphasizing the importance of addressing issues through the rules-based multilateral trading system.
Speaking at a breakfast meeting on the margins of the World Economic Forum Annual Meeting, the DG said: “We need to realize that it’s OK to disagree, it’s OK to have tensions, but we should be able to manage those tensions in the right way through dialogue and negotiations — the way to do that is through the WTO.”
The DG also noted that the significant progress made at the WTO’s 12th Ministerial Conference (MC12) in June 2022 had demonstrated that the organization can effectively respond to members’ concerns.
“We showed that we can land planes,” she said. “We had many different issues coming in, and at the end of the day, we had outcomes on fisheries subsidies, which was a huge ask from our members, on agriculture, on intellectual property, on the environment, and the TRIPS waiver.”
DG Okonjo-Iweala’s comments were echoed by several trade ministers who participated in a panel discussion that followed her remarks.
“I think the WTO is absolutely essential for the global trading system,” said European Union Trade Commissioner Valdis Dombrovskis. “The WTO is the only forum where you can bring all the players together to discuss and negotiate the rules of the game.”
Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura agreed, emphasizing the importance of the WTO as a “neutral platform” for resolving trade disputes.
“In the face of geopolitical tensions and growing protectionism, it is more important than ever to uphold the rules-based multilateral trading system,” he said.
Chinese Commerce Minister Wang Wentao also expressed support for the WTO, calling it “an indispensable platform for international trade cooperation.”
“We should work together to safeguard the multilateral trading system with the WTO at its core,” he said.
The ministers also discussed the challenges facing the global trading system, including the ongoing COVID-19 pandemic, the war in Ukraine, and rising inflation.
“The global economy is facing a number of challenges, and it is important that we work together to address them,” said US Trade Representative Katherine Tai. “The WTO can play a key role in this regard by providing a forum for dialogue and cooperation.”
The ministers agreed that the WTO should continue to play a central role in global trade governance, and they called on all members to work together to strengthen the organization.
“The WTO is not perfect, but it is the best system we have,” said DG Okonjo-Iweala. “We need to work together to make it stronger and more effective.”
Davos: DG suggests deep breaths and to “chill” over trade tensions; ministers show WTO support
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