Our Reporter, Abuja
The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, and the Secretary General of the International Chamber of Commerce (ICC), John Denton, have emphasised the importance of a well-functioning multilateral trading system in driving global development.
This was contained in joint statement they issued on Monday at the Fourth International Conference on Financing for Development in Sevilla.
“We reaffirm our shared commitment to harnessing the power of trade as a driver of global development,” Dr. Okonjo-Iweala and Mr. Denton said in their statement, released at the Fourth International Conference on Financing for Development in Seville.
“A well-functioning multilateral trading system remains essential to enabling private sector-led growth — particularly in emerging and developing economies, where local businesses depend on predictable rules, open markets, and efficient trade processes to compete and thrive,” they added.
The two leaders highlighted the challenges faced by businesses, particularly small and medium-sized enterprises (SMEs), in accessing trade finance and navigating complex trade processes. “Too many businesses around the world continue to face barriers that hinder their full participation in global trade,” they noted.
To address these challenges, the two global leaders called on governments and development partners to: Reaffirm the centrality of the multilateral trading system as a foundation for global development;
Strengthen efforts to identify and address regulatory frictions that inhibit cross-border trade and associated financing;
Support coordinated efforts to strengthen trade-related infrastructure, digitalization of trade processes, and targeted capacity building for SMEs.
“As the global community focuses on strengthening economic resilience and fostering growth, enabling trade must be a central pillar of any serious strategy for mobilizing private capital at scale,” the statement emphasized.
“We stand ready to work with all stakeholders to ensure that trade can deliver on its full potential for people, planet, and prosperity,” Dr. Okonjo-Iweala and Mr. Denton concluded.
