WTO explores trade as development tool

World Trade Organisation members convened for a retreat aimed at addressing challenges faced by developing and least-developed countries in global trade.

The members convened for the retreat recently in Geneva.

In her opening remarks, WTO Director-General Ngozi Okonjo-Iweala emphasised the centrality of development in the organisation’s mission.

“The development dimension remains central to furthering the organisation’s purpose of raising living standards, creating jobs, and advancing sustainable development,” she stated.

Okonjo-Iweala urged members to adopt innovative approaches to ensure inclusivity.

“The world is rapidly changing. This retreat offers a unique opportunity to begin to think differently and use this organisation to get results,” she said.

The Director-General further highlighted that some developing economies have leveraged trade to advance their development; disparities remain.

She posed a critical question: “How can we better use trade to advance the interests of those who have not benefited?”

Also, the Chair of the General Council, Ambassador Petter Ølberg of Norway, echoed these sentiments, emphasising the importance of ensuring trade drives development.

“Let’s ensure that trade continues to drive development by delivering tangible results, particularly for the most vulnerable economies,” he stated.

“The retreat marks a significant step in reimagining trade’s potential to foster equitable development globally,” the statement stated.

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