At economic forum, leaders back WTO, rule-based global trading

The World Trade Organisation on Friday pitched for strengthening the rule-based multilateral trading system in view of increasing geopolitical tensions, economic fragmentation and threats of unilateral measures.

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As many as 23 members of the WTO took part in the informal ministerial meeting organised by Switzerland here on the sidelines of the World Economic Forum Annual Meeting.

The meeting emphasised the important role of the WTO and the rule-based international trading system and discussed the current challenges facing the WTO and the priorities in the organisation’s activities.

The private sector representatives presented the current challenges of global trade from their perspective in the first part of the event.

“The dialogue with the private sector focused on the importance of the rule-based multilateral trading system underpinned by the WTO, emphasising that stable regulatory conditions and legal certainty are paramount for the economy during periods of trade tensions,” a Swiss government statement said.

In the second part of the meeting, the ministers exchanged views on the WTO’s most urgent tasks and the priorities for the 14th WTO Ministerial Conference, which will take place in Yaounde, the capital of Cameroon, in just over a year’s time.

Switzerland said it is closely integrated into global value chains and benefits greatly from smooth cross-border trade. In his concluding remarks, Parmelin said the meeting underlined the significance of the WTO and the predictable system.