As per tradition, from September 10 to 13, the annual WTO Public Forum 2024 was held at the World Trade Organization's headquarters in Geneva, Switzerland. This large-scale event featured 138 sessions and attracted over 4,000 participants. Reporting on the main topics from this year’s Forum is Mariya-Khrystyna Koziy, Board Member of the UBA Committee on International Trade Law.

Discussions centered on key megatrends shaping the future of global trade, such as climate change, geopolitical tensions, and digitalization. Climate change is driving the adoption of sustainable policies, especially in agriculture and energy. Geopolitical shifts, particularly the rising influence of ‘middle powers’[1] and growing national security concerns, are impacting trade policy, while digitalization is transforming global trade, highlighting issues of inclusion and cybersecurity.

In the opening session, Harvard professor Jason Furman emphasized the importance of globalization for reducing poverty and improving well-being, warning of the dangers of protectionism. He called for inclusive trade policies that support plurilateral agreements and address inequality through education and workforce development.

Amid widespread speculation about the decline of globalization, WTO Director-General Ngozi Okonjo-Iweala focused on the need for "re-globalization" and inclusive trade as essential tools for supporting vulnerable populations, particularly in developing countries. This view is supported by the 2024 World Trade Report, presented at the Forum, which underscored the benefits of international trade and the losses incurred from ineffective trade policies. The report highlighted the importance of implementing effective measures to leverage the advantages of globalization, promoting sustainable economic growth, enhancing productivity, and utilizing technological innovations. To improve transparency and boost the efficiency of trade practices, the Forum also introduced the new WTO Trade Concerns Database.

A recurring theme of the discussions was sustainable development, specifically the incorporation of "green" policies into trade to tackle climate issues and boost productivity.

Overall, participants reaffirmed their interest in creating a fairer and more transparent global trading system that addresses critical issues such as economic inequality, digital transformation, and climate change.

For more information on the Forum's sessions, follow the link provided.

Tags: UBA Committees