Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, affirmed that the international trading system faces significant pressures and challenges, but remains a vital component of global trade stability. She noted that more than 70% of global trade takes place through the WTO system.
Reforms to the Global Trading System
Okonjo-Iweala made these remarks during her participation in a panel discussion titled “Will the World Shift from Free Trade to Strategy?”, as part of the ninth edition of the “Future Investment Initiative” conference. During the session, she discussed the future of global trade and the most significant transformations taking place in the international trading system.
Iwiala said that the international trading system needs reforms to keep pace with the rapid economic and technological shifts the world is experiencing.
She also noted that the current phase presents an opportunity to rebuild the global trading system in a more flexible and equitable manner. She emphasized that the global economy is growing at a rate of 4.1%, while trade in the digital sector has risen by 8.1%, noting that e-commerce has reached levels close to one trillion dollars.
Artificial Intelligence in the Future of International Trade
She added that artificial intelligence, digital trade, and green trade will be the main pillars of the future, explaining that studies conducted by the organization showed that artificial intelligence technologies contributed to an increase in international trade of about 5%. Sectors related to artificial intelligence also showed growth exceeding 40%.
Ewiala noted that WTO member states are engaged in ongoing negotiations to establish clear standards for regulating digital trade and data exchange. She noted that the value of trade in this sector reached approximately $3 trillion, including products such as computers and connectors.
In closing, Iyala emphasized the importance of international cooperation to address current challenges, noting that continued dialogue among member states strengthens the stability of the global trading system and provides greater opportunities for growth and sustainable development.
