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.



Yemen’s Fragile Economy Feels the Heat of Iran-Israel Conflict

Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
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Yemen’s Fragile Economy Feels the Heat of Iran-Israel Conflict

Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 

The ripple effects of the escalating conflict between Iran and Israel are being felt in Yemen’s fragile economy. The already-depreciated Yemeni rial has fallen further, fuel prices have surged following a government decision, and fears of wider inflation loom over one of the region’s most vulnerable economies.

Last week, the exchange rate for the US dollar crossed 2,750 Yemeni rials before slightly retreating. Economists warn the rial will likely continue to weaken amid broader regional instability. In response, Prime Minister Salem bin Braik announced an emergency 100-day plan to stabilize the economy and ensure basic state obligations, including public sector salaries.

The government also introduced new fuel pricing, raising costs by up to $1 per 20-liter container of gasoline and diesel. This marks the fourth fuel price hike this year, compounding pressure on Yemen’s already burdened consumers.

With Yemen importing over 95% of its goods, any increase in global shipping costs or insurance premiums immediately impacts domestic prices.

Economist Rashid Al-Ansi explained to Asharq Al-Awsat that the cost of food, fuel, and other essential goods is rising due to the weakened currency and regional tensions. Unlike neighboring countries, he added, Yemen lacks the fiscal space and policy flexibility to absorb such shocks.

Adding to the strain, foreign currency reserves are being depleted as locals rush to convert their savings into dollars or gold amid fears of an open war between Israel and Iran. This has raised concerns of further rial depreciation and capital flight, according to economist Fares Al-Najjar.

Al-Najjar also warned that remittance flows - Yemen’s main source of foreign currency - may decline due to global uncertainty, reducing the central bank’s ability to stabilize the market. The government is already struggling to fund basic services, including electricity in Aden and water supply in Taiz.

Experts are particularly concerned about potential disruption to maritime trade. If military tensions spill over into the Red Sea or Gulf of Aden, Yemen’s surrounding waters could be labeled “high-risk zones,” driving shipping and insurance costs up by as much as 300%. This would cripple import flows and make oil exports - Yemen’s last lifeline for foreign currency - nearly impossible.