Saudi Candidate Sets 6-Axis-Framework to Head WTO

Saudi Candidate Sets 6-Axis-Framework to Head WTO
TT

Saudi Candidate Sets 6-Axis-Framework to Head WTO

Saudi Candidate Sets 6-Axis-Framework to Head WTO

With the end of the second phase of the nomination process, Saudi Arabia’s candidate for the presidency of the World Trade Organization (WTO), Muhammad bin Mazyad Al-Tuwaijri, has put in place an international framework of six strategic axes that will be the basis for his work if he gains the members’ confidence and succeeds in assuming the position of Director General.

The second phase of the process, in which the candidates “made themselves known to the members”, will end on Monday. On that day, the third phase will begin, extending over a period of two months, during which the Chair of the General Council, together with the chairs of the Dispute Settlement Body and the Trade Policy Review Body, will start to consult with all WTO members to assess their preferences and seek to determine which candidate is best placed to attract consensus support.

The first round of consultations between the members will be held between Sept. 7 and 16, to be followed by two additional rounds, during which the field of candidates will be reduced from eight to five to two candidates in the final round.

Tuwaijri, recently launched a website in four languages, in which he explained the features of a major action plan aimed at comprehensive reform within the corridors of the trade organization, taking into account the changes in the balance of powers, the acceleration of global technological advances, and international developments.

Challenges: The Benefits of Globalization

The official portal recently launched by Tuwaijri revealed that the most prominent challenges facing the World Trade Organization are recent developments, stating that the map of the great powers in the past decades has changed at an accelerated pace, as is the case for the geopolitical forces that link the world’s major economies.

The Saudi candidate added that the Covid-19 pandemic exposed the gaps that states face internally and among each other, raising questions about the benefits and fate of globalization, which has somehow revived nationalist tendencies.

As on the global level, Tuwaijri noted that recent developments have affected the framework of the intra-trade movement, warning of the existing trends that he said were a cause for concern. He underlined, in this regard, the need to commit to supporting the international system in order to promote sustainable development.

An Impartial Mediator

In light of the current circumstances, Tuwaijri said that the Kingdom of Saudi Arabia was an impartial mediator, with a role that works to bridge the rift and resolve the divisions between Africa, China, Europe, and the United States. He also noted that the World Trade Organization (WTO) has an opportunity to create a global framework commensurate with the requirements of the 21st century.

The Six Strategies

An Evaluation

The Saudi candidate focused on promoting joint action within six strategic areas, the first of which is the assessment of needs, where he is committed to understanding the experiences of all WTO members and their views during the first 100 days of his term. He would then conduct an in-depth assessment of the global economic landscape and its vulnerability to the consequences of the Covid-19 pandemic, to improve the organization’s approach to managing the multilateral trade system.

Data Acquisition: An Analysis

In the second strategy, Tuwaijri highlights the role of data in enhancing management and improving performance, based on his high-ranking positions in the public and private sectors. He said that he intended to give priority to analyzing the operations of the WTO, enhancing its efficiency, and improving its impact around the world.

Building Trust: A Principle

According to Tuwaijri, the principle of inclusiveness is one of the most important pillars of international trade, as it is intended to listen to all the opinions expressed by all members of the WTO and to enhance the spirit of openness and transparency at the internal and external levels.

In the fourth strategy, Tuwaijri added that disputes were a possibility in multilateral scenarios. “But the mechanisms available for resolving these disputes must be effective and adaptable to the growing and dynamic commercial relations,” he said on his website.

Stimulating Innovation: Collaboration

In the fifth strategy for reforming the organization, Tuwaijri said: “Given that intergovernmental institutions face more scrutiny, the cooperation among these institutions has become necessary to maximize their impact.”

In order for the organization to deepen its relations with its counterparts and with member states, the Saudi candidate intends to launch a roadmap that provides a clear vision of the organization’s work and contributes to improving awareness about international trade issues and their importance in people’s lives.

Commitment and Impartiality

The sixth principle of the organization’s reform approach, according to Tuwaijri’s vision, is achieving progress by abandoning preconceived ideologies and focusing instead on facts.

Therefore, he stressed his commitment to effective communication with various stakeholders, internally and externally, to understand their concerns and requirements, which contributes to enhancing the efficiency of the World Trade Organization in the interest of all.

The Saudi candidate intends to spend 50% of his time interacting with stakeholders, 40% of his time focusing on innovation, and 10% focusing on management, stressing that inclusiveness was required to enhance trade cooperation between countries.



UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
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UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)

Britain's economy expanded less than initially estimated in the second quarter, according to revised official data released Monday, dealing a fresh setback to the Labour government.

Gross domestic product was revised down to 0.2 percent in the April-June period from a previous estimate of 0.3 percent, the Office for National Statistics said in a statement.

Growth in the third quarter stood at an unrevised 0.1 percent, the ONS said, marking a sustained slowdown from the 0.7 percent expansion recorded in the first three months of the year.

"The economy is still pretty weak and is heading into 2026 with very little momentum," noted Alex Kerr, UK economist at Capital Economics.

Prime Minister Keir Starmer has struggled to revive Britain's sluggish economy since his Labour party came to power in July 2024.

Finance minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in her November budget with fresh tax hikes to bring down government debt, this time hitting workers.

The Bank of England last week cut its key interest rate to 3.75 percent after UK inflation eased faster than expected and as the economy weakens.


Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
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Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat

Saudi Minister of Finance Mohammed Al-Jadaan has said that the new Financial Control System constitutes a “fundamental shift” in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.

Speaking at the 1st edition of the Financial Supervision Forum held at the General Court of Audit in Riyadh on Sunday, Al-Jadaan said the Kingdom must invest in national talent alongside regulatory reforms to build a modern financial oversight system.

He stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Finance Ministry and the General Court of Audit, which contributes to unifying oversight efforts and reducing duplication.

According to Al-Jadaan, the success of this transformation depends on concerted efforts between regulatory authorities on the one hand, and authorities dealing with public money on the other hand, in a way that maximizes the impact in protecting public money and enhancing the efficiency of financial oversight.

President of the General Court of Audit Hussam Alangari also said that organizing the forum in partnership with the Finance Ministry comes within the qualitative transformation that Saudi Arabia is witnessing in financial oversight during an era in which the country holds a leading global position in the management of public finances, characterized by governance, responsibility, and a high level of transparency.

He told the forum that the General Court of Audit has had strong foundations that have strengthened its role and independence as the supreme authority for public financial oversight and auditing.

Alangari pledged to strengthen the “deep partnership” with the Finance Ministry, describing it as a partnership cemented by trust and built on the foundations of cooperation across various fields.

The partnership has resulted in qualitative leaps, most notably what has been achieved in the exchange of information through full technical integration between the Etimad and Shamel platforms, he said.


Trump Shook up Global Trade This Year; Some Uncertainty May Persist in 2026 

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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Trump Shook up Global Trade This Year; Some Uncertainty May Persist in 2026 

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

President Donald Trump's return to the White House in 2025 kicked off a frenetic year for global trade, with waves of tariffs on US trading partners that lifted import taxes to their highest since the Great Depression, roiled financial markets and sparked rounds of negotiations over trade and investment deals.

His trade policies - and the global reaction to them - will remain front and center in 2026, but face some hefty challenges.

WHAT HAPPENED IN 2025

Trump's moves, aimed broadly at reviving a declining manufacturing base, lifted the average tariff rate to nearly 17% from less than 3% at the end of 2024, according to Yale Budget Lab, and the levies are now generating roughly $30 billion a month of revenue for the US Treasury.

They brought world leaders scrambling to Washington seeking deals for lower rates, often in return for pledges of billions of dollars in US investments. Framework deals were struck with a host of major trading partners, including the European Union, the United Kingdom, Switzerland, Japan, South Korea, Vietnam and others, but notably a final agreement with China remains on the undone list despite multiple rounds of talks and a face-to-face meeting between Trump and Chinese leader Xi Jinping.

The EU was criticized by many for its deal for a 15% tariff on its exports and a vague ‌commitment to big ‌US investments. France's prime minister at the time, Francois Bayrou, called it an act of submission ‌and ⁠a "somber day" for the ‌bloc. Others shrugged that it was the "least bad" deal on offer.

Since then, European exporters and economies have broadly coped with the new tariff rate, thanks to various exemptions and their ability to find markets elsewhere. French bank Societe Generale estimated the total direct impact of the tariffs was equivalent to just 0.37% of the region's GDP.

Meanwhile, China's trade surplus defied Trump's tariffs to surpass $1 trillion as it succeeded in diversifying away from the US, moved its manufacturing sector up the value chain, and used the leverage it has gained in rare earth minerals - crucial inputs into the West's security scaffolding - to push back against pressure from the US or Europe to curb its surplus.

What notably did not happen was the economic calamity and high inflation that legions ⁠of economists predicted would unfold from Trump's tariffs.

The US economy suffered a modest contraction in the first quarter amid a scramble to import goods before tariffs took effect, but quickly rebounded and ‌continues to grow at an above-trend pace thanks to a massive artificial intelligence investment boom ‍and resilient consumer spending. The International Monetary Fund, in fact, twice ‍lifted its global growth outlook in the months following Trump's "Liberation Day" tariffs announcement in April as uncertainty ebbed and deals were struck to reduce ‍the originally announced rates.

And while US inflation remains somewhat elevated in part because of tariffs, economists and policymakers now expect the effects to be more mild and short-lived than feared, with cost sharing of the import taxes occurring across the supply chain among producers, importers, retailers and consumers.

WHAT TO LOOK FOR IN 2026 AND WHY IT MATTERS

A big unknown for 2026 is whether many of Trump's tariffs are allowed to stand. A challenge to the novel legal premise for what he branded as "reciprocal" tariffs on goods from individual countries and for levies imposed on China, Canada and Mexico tied to the flow of fentanyl into the US was argued before the US Supreme Court in late 2025, ⁠and a decision is expected in early 2026.

The Trump administration insists it can shift to other, more-established legal authorities to keep tariffs in place should it lose. But those are more cumbersome and often limited in scope, so a loss at the high court for the administration might prompt renegotiations of the deals struck so far or usher in a new era of uncertainty about where the tariffs will end up.

Arguably just as important for Europe is what is happening with its trading relationship with China, for years a reliable destination for its exporters. The depreciation of the yuan and the gradual move up the value chain for Chinese companies have helped China's exporters. Europe's companies meanwhile have struggled to make further inroads into the slowing domestic Chinese market. One of the key questions for 2026 is whether Europe finally uses tariffs or other measures to address what some of its officials are starting to call the "imbalances" in the China-EU trading ties.

Efforts to finally cement a US-China deal loom large as well. A shaky detente reached in this year's talks will expire in the second half of 2026, and Trump and Xi are tentatively set to meet twice over the course of the ‌year.

And lastly, the free trade deal with the two largest US trading partners - Canada and Mexico - is up for review in 2026 amid uncertainty over whether Trump will let the pact expire or try to retool it more to his liking.