WTO Hopes to Restore Confidence in Multilateral Trading System

Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala speaks during the opening ceremony of the 13th Ministerial Conference (MC13) of WTO in Abu Dhabi. (Reuters)
Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala speaks during the opening ceremony of the 13th Ministerial Conference (MC13) of WTO in Abu Dhabi. (Reuters)
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WTO Hopes to Restore Confidence in Multilateral Trading System

Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala speaks during the opening ceremony of the 13th Ministerial Conference (MC13) of WTO in Abu Dhabi. (Reuters)
Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala speaks during the opening ceremony of the 13th Ministerial Conference (MC13) of WTO in Abu Dhabi. (Reuters)

Trade ministers from World Trade Organization (WTO) member nations convened in Abu Dhabi on Monday for the 13th Ministerial Conference (MC13) with a shared aspiration: to forge a path toward revitalizing confidence in the global commercial framework.

WTO Director-General Ngozi Okonjo-Iweala lauded the remarkable adaptability of the multilateral trading system, asserting that it has demonstrated resilience in the face of formidable global obstacles.

“I'm delighted to say that we are kicking off this meeting with some excellent news. Here at MC13, the WTO is welcoming its first new members in almost eight years: Timor-Leste and Comoros,” adding, “Twenty-two more countries are seeking to follow in their footsteps.”

“The multilateral trading system, which I term a global public good since it was created 75 years ago, continues to be misconstrued some quarters and undermined,” she said.

The four-day MC13 kicked off in Abu Dhabi on Monday with ministers of economy, trade, and development from various countries, as well as representatives from global economic and trade organizations attending the event.

“Looking around, uncertainty and instability are everywhere. Geopolitical tensions have worsened.”

“Higher prices for food, energy, fertilizer, and other essentials continue to weigh on people's purchasing power, fueling political frustration.”

“People everywhere are feeling anxious about the future – and this will be felt at the ballot box this year.”

She added, “If we thought the world looked tough in mid-2022, when we were slowly emerging from the pandemic, and the war in Ukraine had shaken food and energy security, we are in an even tougher place today.”

Athaliah Lesiba Molokomme, chairperson of the WTO's general council, said the work facing trade ministers at MC13 "is more important than ever" in light of global challenges.

"Amid growing economic uncertainties and geopolitical tensions, we must collectively ensure that the WTO is fit to respond to the challenges of today," she said.

Saudi Minister of Commerce Dr. Majid al-Qasabi reiterated his nation's commitment to active engagement within the WTO, emphasizing the imperative of generating favorable outcomes to bolster confidence in the multilateral trading arena.

Against a backdrop of formidable challenges, al-Qasabi underscored the pivotal role of the WTO in navigating complexities and amplifying the significance of the global trade agenda.

He outlined key priorities including discussions on food security, bolstering the capabilities of developing nations, fostering strategic partnerships, and advancing a trading framework that is both efficient and sustainable.

UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi emphasized that his country will continue to support the multilateral trading system overseen by the WTO, believing it to be a driver for sustainable growth of the global economy and beneficial to improving the lives of people around the world.



Taiwan Defends Trade, Currency Record Ahead of Possible US Tariffs 

Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
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Taiwan Defends Trade, Currency Record Ahead of Possible US Tariffs 

Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)

Taiwan's central bank on Wednesday defended the island's trade and currency record ahead of possible tariffs from US President Donald Trump, saying the high current account surplus was a structural problem and Washington understood that.

Trump officials, including Treasury Secretary Scott Bessent, have said that much of the reciprocal tariff focus, to be announced on April 2, will be on 15 countries that have the highest trade surpluses, which Bessent has referred to as the "Dirty 15."

They did not name these, but according to US Census Bureau data, Taiwan is one of those 15 with the largest trade surpluses with the United States, along with countries like China and South Korea plus the European Union.

In a report to lawmakers, Taiwan's central bank noted that the island's current account surplus last year was 14.3% of GDP.

"It reflects the structural problem of the sharp increase in US demand for Taiwan's technological products and the expansion of our trade surplus with the United States. The US side understands this point of view," the central bank said.

Taiwan runs a large trade surplus with the United States, which surged 83% last year, with the island's exports to the US hitting a record $111.4 billion, driven by demand for high-tech products such as semiconductors, a sector Taiwan dominates.

"As Taiwan's trade surplus with the United States is relatively large, the risk of bilateral trade disputes between Taiwan and the United States must be carefully managed," the central bank said.

Taiwan has previously been put on a foreign exchange "monitoring" list by the US Treasury Department given its trade surplus and outsized current account surplus.

The central bank said its exchange rate policy aims to maintain an "orderly" foreign exchange market and financial stability, and that it never intended to gain an unfair competitive advantage in trade.

It also expressed concern about Trump's frequent economic and trade policy flip-flops and lack of clarity about his plans on tariffs in particular.

"Especially, the impact of the tariff increase policy is the most significant, which is detrimental to the growth of the global economy and may push up inflation," the central bank said.