"We need the boldness of businesses to strengthen the trading system"

– World Trade Organization (WTO) Director General Roberto Azevedo stressed the need of "boldness, ambition and innovation" of business community to help "improve and strengthen" the trading system in the future.

Talking at the centenary summit of the International Chamber of Commerce (ICC) in Paris, Azevedo uttered his appreciation of ICC for its constant support of multilateralism and for its contribution to delivering growth, development, job creation and stability.

In his speech, Azevedo said:

"As Director-General of the WTO, I want to say how much I appreciate the ICC's support. In shaping global trade, it is essential that we hear the voices of all constituencies and all stakeholders. And so the business community could not be more important.

"As we look ahead to a new century of multilateralism, we are beset by challenges. The role of business and the ICC in helping to meet these challenges and shape the path forward will be vital once again.

"You all know about the situation in global trade today. Tensions are running high. In 2018, new restrictive measures were imposed on around 580 billion dollars of trade. That is over seven times the level of the year before. And this is hitting trade growth. Just last week we published our quarterly World Trade Outlook Indicator, which gives an early guide to the trajectory of trade growth. It recorded a ten-year low.

"We are in a situation of huge uncertainty today. This weighs on investment and consumption. If we were to let this situation escalate further, the economic impact could be quite damaging and long lasting. A global breakdown in trade cooperation would have an impact to rival the financial crisis.

"As we look to a new century of multilateralism, we need to summon up that spirit once again. We need your boldness, ambition and innovation to help improve and strengthen the trading system for the future." (Photo)