Today's Edition
Mays Ibrahim (ABU DHABI)
In an address at the opening session of the Business Forum during the World Trade Organization (WTO) 13th Ministerial Conference (MC13) on Wednesday, John Denton AO, Secretary General of the International Chamber of Commerce (ICC), emphasised the critical importance of upholding a functional multilateral trading system.
From a business perspective, a system that is “accountable, transparent, predictable, [and] multilateral” is decidedly more favourable than one based on power dynamics, Denton said.
“We want to be able to trade across borders and know what the rules are, ensure they’re transparent, and we want accountability from those who reach agreements to ensure that we actually get what’s been promised”.
The ICC Secretary General also underscored the detrimental impact of a weakened WTO on trade flows, highlighting potential declines of up to 40% in Africa and South Asia, and nearly 30% in Latin America.
He further outlined the desired outcomes of the MC13, calling for the reaffirmation of the guiding principles that underpin the multilateral trading system, including clarity, predictability, and certainty.
Moreover, Denton advocated for the integration of sustainable trade practices, referencing the intersection of trade and climate concerns.
He also underscored the pivotal role of the digital economy, calling for the reaffirmation of e-commerce tariff moratoriums to foster innovation and growth.
Addressing looming geopolitical complexities, Denton stressed the necessity of effective dispute resolution mechanisms within the WTO framework to prevent trade disruptions and tariff wars.
The MC13 Business Forum, hosted at the Abu Dhabi National Exhibition Centre (ADNEC), is jointly organised by the International Chamber of Commerce (ICC) and the WTO. The event serves as a platform for stakeholders from both the private and public sectors worldwide to share their insights on critical challenges confronting the WTO. Following the forum, a summary of the private sector viewpoints will be submitted to the Chair of MC13 and the Director-General of the WTO.
