Geneva: President Cyril Ramaphosa has called on world leaders to ensure that the multilateral trading system is 'strengthened' in the face of uncertain economic times. The President was delivering remarks at the 30th Anniversary of the establishment of the World Trade Organisation (WTO).
According to South African Government News Agency, world trade has come under uncertainty as the United States of America imposed-and then paused-steep trade tariffs on nearly all the world's countries. President Ramaphosa highlighted the challenges the WTO faces in these times, noting the rise of unilateral and protectionist measures by some advanced economies outside the agreed-upon multilateral framework.
The President pointed out that although the WTO has worked to ensure a 'level playing field in global trade that is free, predictable and governed by a rules-based system', more efforts are needed. He observed that despite over 80 percent of global trade occurring under WTO rules, imbalances remain, particularly affecting developing countries that remain at the lower end of global value chains.
President Ramaphosa emphasized the need for reforms to promote sustainable development, reiterating South Africa's support for the WTO's reform agenda aimed at advancing development. He advocated for trade rules that facilitate structural transformation and integrate developing countries into global trade, while allowing governments the policy space to address domestic challenges and industrialize.