WTO Candidates Emphasize Experience, Confidence on 2nd Day of Presentations

The headquarters of the World Trade Organization (WTO) are pictured in Geneva, Switzerland, April 12, 2017. REUTERS/Denis Balibouse/File Photo
The headquarters of the World Trade Organization (WTO) are pictured in Geneva, Switzerland, April 12, 2017. REUTERS/Denis Balibouse/File Photo
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WTO Candidates Emphasize Experience, Confidence on 2nd Day of Presentations

The headquarters of the World Trade Organization (WTO) are pictured in Geneva, Switzerland, April 12, 2017. REUTERS/Denis Balibouse/File Photo
The headquarters of the World Trade Organization (WTO) are pictured in Geneva, Switzerland, April 12, 2017. REUTERS/Denis Balibouse/File Photo

As Saudi Arabia’s candidate for the presidency of the largest international trade organization - is expected to unveil his program, the Moldovan and South Korean candidates agreed that the World Trade Organization (WTO) needed to regain the members’ confidence and to launch a series of reforms.

WTO candidates will be presenting themselves until next Friday. They will have a few weeks until September 7 to persuade the capitals, which will choose the next president during a special meeting in Geneva.

This comes after Brazilian Roberto Azevedo suddenly announced leaving his post in mid-May, and officially giving up his duties at the end of August, a year before the end of his term.

On Thursday, candidates Tudor Ulianovschi of Moldova and Yoo Myung-hee of South Korea, underlined in their speeches the need to reform the WTO work mechanism and to restore confidence by enabling it to keep pace with the 21st century’s world trade.

In his address to the WTO members, Ulianovschi said the organization was not related to the global community today and must demonstrate its importance and do more. He noted that he presented his personal vision for the reform to the organization’s advisory council.

The Moldovan candidate said the top priority for the Director-General next year was to revitalize the organization’s functions, including its negotiating ability and the involvement of all members in the global discussions.

He added that the second priority was to revive the WTO’s judicial function. As for the third priority, he emphasized the need to enhance the principles of transparency and strengthen the supervision within the international organization.

Ulianovschi has assumed the post of Foreign Minister of Moldova from January 2018 to June 2019. He held other diplomatic positions, including his country’s ambassador to Switzerland, and has diplomatic experience of about 15 years.

For her part, Yoo Myung-hee, South Korea’s Minister of Trade, presented her vision for the WTO, stressing that the organization should become “a supreme court” in international trade matters.

She also said that the WTO was at a crossroads, and therefore needed a more confident reform process and integration into the global trading system.

“The world has changed and countries have changed, so there is a need to reorganize global trade,” she stated.

On Thursday, candidates Jesus Seade Kuri from Mexico, Abdel-Hamid Mahmoud of Egypt and Ngozi Okonjo-Iweala of Nigeria revealed their programs in front of 164 members of the council.

Other candidates include former British Minister of International Trade Liam Fox and former Saudi Minister of Economy and Planning Muhammad Al-Tuwaijri.

Saudi Arabia attaches great hopes to its candidate’s victory, especially after the strong confidence expressed by the international community in the Kingdom’s role in the global economic scene.

Al-Tuwaijri held a number of meetings with WTO officials, member-states and regional groups, on the sidelines of his visit to Geneva to present his candidacy speech to the Organization’s General Council.

He met with Roberto Azevedo, the current WTO director-general, the ambassadors of Arab countries and the group of Article XII which consists of 38 members, in addition to the Latin American and Caribbean group of 33 members, in the presence of the permanent representative of Saudi Arabia to the organization.

Al-Tuwaijri is expected to present his candidacy statement to the organization’s general council this Friday, following which he will hold a press conference with media representatives.

The Saudi minister’s nomination comes amid major global challenges in the trade system and reflects the Kingdom’s commitment to driving economic growth and achieving sustainable development.



Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.