China News Service, Beijing, May 18 (Reporter Li Xiaoyu) WTO Director-General Iweala warned on the 18th that the world economy may be divided into multiple trade blocs, which will have a major impact on growth prospects everywhere.
In a video speech delivered on the same day at the 70th anniversary meeting of the China Council for the Promotion of International Trade and the Global Trade and Investment Promotion Summit, Iweala said that the current escalating geopolitical tensions may lead to the differentiation of the world economy into multiple trade blocs.
This fragmentation of the multilateral trading system will have major implications for growth prospects everywhere, especially for major trading nations like China.
Iweala called for international cooperation to be more important than ever in the face of Covid-19, conflicts, food crises, environmental degradation and recession risks.
At present, China is joining numerous WTO members in promoting discussions on cutting-edge issues such as investment facilitation, digital trade, plastic pollution and other broad environmental issues, as well as increasing the trade participation of micro, small and medium enterprises and women.
As day-to-day users of WTO rules and disciplines, businesses in China and around the world are key stakeholders in the multilateral trading system.
Iweala said that the WTO has always been a source of stability and predictability in world trade.
But in order for it to continue to play these roles for years to come, the WTO will need to adjust and adapt.
The existing framework of the WTO needs to be updated to meet the commercial realities of the 21st century.
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