(MENAFN- Caribbean News Global) GENEVA, Switzerland – The president of the European Council, Charles Michel, has called on the international community to rebuild trust, boost trade and transform multilateral institutions to make the world more peaceful and prosperous, delivering on 1 November the fifth lecture in the Presidential Lecture Series at the World Trade Organisation (WTO) headquarters in Geneva.
WTO ambassadors, Swiss authorities, heads of intergovernmental organizations, representatives of non-governmental organizations, business and academia participated in the event, which was opened by director-general Ngozi Okonjo-Iweala.
In his introduction, Michel told a large audience that today the world“is on a knife edge”, with war and conflict piercing the heart of the multilateral system and global confidence. Current conflicts are creating a devastating cocktail of humanitarian catastrophes, destabilisation and insecurity, driving the world away from the rule of law toward the law of force, he noted.
Every week, the world sees the devastating effects of climate change across regions, he said. It also has to live through the“mind-blowing revolution” of artificial intelligence (AI), with its vast potential but also with its risks for human rights, democracy and the global trading system. Against this backdrop, he stressed that“no country alone can face all these challenges,” making cooperation and multilateralism more necessary than ever.
Michel said that the success of the European Union is an example of how cooperation and integration help to build bridges, allowing member states to cooperate and reach compromise on difficult issues. That translates into reducing overdependence and building mutually beneficial partnerships.“We want to build bridges, not barriers. And that requires more trust. More dialogue between nations. And less polarisation that drives nations apart.”
Highlighting the need to build mutually beneficial partnerships, the president of the European Council called for a multipolar world where each country, or group of countries, can set its own path, with respect for the common rules.“It shouldn't be about choosing one side over another. We need to listen, cooperate, and forge common decisions based on smart compromise. And we have to develop our collective intelligence for solving collective problems.”
In order to make multilateralism work, Michel, said:“We need to build more trust. People must believe in each other when they make agreements and work together. And building trust requires respect for international law, crucial when nations cooperate together. We also need trade because it generates prosperity and helps us achieve our common goals. And we must transform global multilateral institutions, so they are strong and fit for the 21st century.”
Michel commended the“tireless efforts and relentless determination” of DG Okonjo-Iweala to bring trust back to the heart of the WTO. He underlined that for the European Union, strengthening the WTO is a strategic priority.“A strong, well-functioning WTO is essential to fair and predictable global trade, based on common rules. We must pursue the necessary reforms to make the WTO a powerful force.”
This includes overhauling the WTO's dispute settlement mechanism to include a reliable appeal process, he said, as agreed by members at the 12th Ministerial Conference (MC12) in June 2022, while preserving the core principles established in 1995. Looking forward, he also cited the need to address issues such as subsidies and state support and stated that WTO reform must ensure inclusivity, enabling both developed and developing nations to participate equitably.
DG Okonjo-Iweala expressed her appreciation for the very timely insights of president Michel in the current challenging context.“He understands, as we do, that trade is not a means in itself, or even solely an engine of greater productivity and growth, but that trade is a force for social inclusion, economic development, environmental sustainability – and yes – peace.”
Director-General (DG) Okonjo-Iweala said that president Michel is not just a committed multilateralist but someone who is committed to ensuring that multilateralism delivers results for people by using trade as a tool to integrate people and places left out of the gains of recent decades.“Our collective efforts to reform and update the WTO are part of making trade work for everyone,” DG added.
Following the lecture, Michel took part in a conversation with DG Okonjo-Iweala on the future of international trade at a time of economic, political and environmental uncertainty, moderated by Professor Muhammadou Kah, ambassador of the Gambia to the WTO.
A recording of the event can be viewed here .
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