Addressing an audience of trade and investment professionals, DDG Ellard underscored the WTO’s importance in providing security and predictability for businesses worldwide. “The WTO has helped reduce the share of people living in extreme poverty from 40 percent in 1995 to under 11 percent in 2022,” she noted.
DDG Ellard highlighted that the WTO’s work extends well beyond tariffs. From streamlining customs procedures and promoting digital trade to enforcing intellectual property rights and ensuring food safety rules are based on science, the WTO provides a framework that underpins cross-border commerce for its 166 members.
DDG Ellard cautioned, however, that the system is under strain. The WTO Secretariat’s preliminary analysis suggests that recent tariff measures by the United States and others could lead to a contraction of global merchandise trade volumes of around 1 percent this year – a significant downward revision of nearly four percentage points from earlier projections.
At the same time, she stressed that the WTO remains relevant, noting that despite new trade measures, 74 percent of global trade still flows under WTO Most-Favoured-Nation (MFN) terms. She emphasized that this demonstrates the multilateral system continues to function effectively and is worth preserving.
DDG Ellard called for a level-headed approach, underscoring the need for calm and cooperation in today’s turbulent environment. She urged members to use WTO tools, including its committees and the dispute settlement system, for addressing trade concerns.
“There is an opportunity for dialogue and cooperation to work through issues, including at the WTO,” DDG Ellard said, calling on businesses to advocate for the rules-based system.
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