How Can Global Trade Be Strengthened?
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Synopsis
At the Bled Strategic Forum, WTO Chief Ngozi Okonjo-Iweala emphasized the urgent need to solidify global trade foundations amid ongoing disruptions. This pivotal moment allows countries to rethink and revamp trade policies for a sustainable future. Discover the insights shared by leaders on global trade's potential and the importance of EU's role in reform.
Key Takeaways
- Strengthening global trade foundations is crucial in today's shifting economic landscape.
- The EU is called to lead in necessary trade reforms.
- The Future 500 initiative aims to support high-potential scale-up companies.
- Disruptions in trade present opportunities for renewal.
- The Bled Strategic Forum is a significant platform for discussing global trade.
Bled, Sep 2 (NationPress) The World Trade Organization's (WTO) Director-General, Ngozi Okonjo-Iweala, emphasized the necessity of fortifying global trade systems during her address at the Bled Strategic Forum in Slovenia. "The ongoing disruptions in the global trade landscape present a unique opportunity for nations to establish a more robust trading framework for the future," she stated during a discussion focused on European economic competitiveness in today's shifting global context.
Okonjo-Iweala pointed out that while the global trading system retains "a stable core," it currently operates in a state of "unstable equilibrium." She highlighted that the multilateral trading framework provides substantial advantages globally by fostering improved employment opportunities and called on the European Union (EU) to step up as a leader in the necessary reforms of global trade, as reported by the Xinhua news agency.
Jozef Sikela, the European Commissioner for International Partnerships, echoed similar sentiments, asserting that the EU's connections in trade, production, and investment with external nations are vital for the bloc's forthcoming growth.
Matevz Frangez, State Secretary at Slovenia's Ministry of Economy, stressed the importance of reinforcing the WTO's foundational principles. He additionally referred to the recently finalized EU-US trade agreement as "unfair and unbalanced."
On Monday, a new initiative, Future 500, was unveiled at the forum. This program aims to discover 500 high-potential scale-up firms and connect them with growth capital and strategic partners, enhancing their global visibility and credibility. It will be spearheaded by the non-profit think tank Atlantic Council and the Bled School of Management, focusing on businesses from Central, Eastern, and Southeastern Europe.
This year's Bled Strategic Forum marks its 20th edition, themed "A Runaway World."
Since its inception in 2006, the forum has been organized by Slovenia's Ministry of Foreign and European Affairs in collaboration with the Centre for European Perspective. Over the past two decades, it has evolved into Slovenia's premier foreign policy and economic conference, gathering heads of state, policymakers, academics, and business leaders to discuss Europe's role in a rapidly evolving global landscape.
Point of View
I believe the emphasis placed on strengthening global trade is vital. The insights shared at the Bled Strategic Forum reflect a growing recognition of the importance of a robust multilateral trading system, which is essential for economic stability and growth. The collaboration between nations, especially the EU's leadership role, will be crucial in facing the challenges of today's global landscape.
NationPress
02/09/2025
Frequently Asked Questions
Why is stronger global trade important?
Stronger global trade is essential for economic stability, job creation, and fostering international cooperation among nations.
What role does the EU play in global trade reform?
The EU is expected to take a leading role in reforming global trade practices to enhance fairness and competitiveness.
What is the Future 500 initiative?
The Future 500 initiative aims to connect 500 promising scale-up companies with growth capital and strategic partners to enhance their global visibility.
