DG Azevêdo says trading system needs to adapt to a rapidly changing world

In his welcome remarks to the Opening Plenary of the 2019 Public Forum, WTO Director-General Roberto Azevêdo underscored the need to adapt to a rapidly-changing global trading environment.

The DG’s remarks kicked off three days of discussions and debate at the WTO regarding the future of trade and how to make it more sustainable and inclusive.

The Public Forum is the WTO’s largest annual outreach event, providing a unique platform for parliamentarians, leading global business people, students, academics and non-governmental organizations to come together and debate on a wide range of WTO issues and on some of the major trade and development topics of the day.

DG Azevêdo noted that 3,200 participants registered to attend this year’s Forum, a 30 percent increase over last year, with 140 sessions scheduled over the four days of the event – an all-time record.

The Forum’s high-level sessions are looking at how countries, businesses and traders can best prepare and adapt to a changing world, what Millennials and Generation Z expect from global trade, the increasing importance of services in global trade, and how the WTO can respond to a rapidly changing world.

DG Azevêdo kicked off the discussions by stressing the need for all participants in global trade – including the WTO – to recognize and adapt to a trading environment that is undergoing rapid technological change.

“We need to change because technology advances, more services become tradeable, and rising generations join the workforce,” he declared. ” But of course, some things remain constant. People still want decent jobs. They want a sense of security about their own prospects, and those of their children.”

“New technologies have the potential to expand human capabilities and enable inclusive prosperity,” DG Azevêdo continued. “Or, they could fuel unemployment, inequality, and years of instability and unrest. The future we get will be shaped by the policies we choose, at the domestic and international levels.

The importance of youth participation in trade and their expectations for the future was also highlighted by several of the keynote speakers.

Original source: WTO
Published on 08 October 2019