The conclusion of the WTO’s annual public forum for 2024 focused on the viewpoint of young people on inclusivity and trade.
On Friday, a high-level gathering of global activists and young entrepreneurs gathered to hear perspectives on how to create a more equitable and sustainable global economy.
The speakers talked on how important it is to rethink trade through re-globalization and offered practical solutions to build a more equitable and sustainable global economy that will benefit present and future generations.
Harvard University’s Lili Vessereau emphasized that the WTO and other multilateral organizations are frequently used as scapegoats for more significant or domestic problems that are likewise the province of the government.
She pointed out that rising geopolitical tensions require the involvement of “new actors, including developing countries.”
“These actors can help build supply chains that ensure we foster green growth through inclusivity, not solely through economics, but also through geopolitical alliances,” she added.
Stephanie Eyram Akrumah of the Centre for Green Growth highlighted the challenges faced by the Global South, particularly African nations, in navigating various environmental standards and climate mitigation frameworks introduced by developed countries.
These frameworks create significant barriers and hinder the Global South’s integration into global trade, she said.
To enable developing countries to play a more active role in combating climate change, Akrumah emphasized that the WTO, with its broad membership, “stands in a very central position” to unify these standards and “to incorporate the needs of the Global South, as well as those of the Global North.”
The issue of gender imbalance in economic development was highlighted by Bonnie Chiu of the Social Investment Consultancy, who also pointed out that the WTO has made significant contributions to reversing this trend.
She also brought out other problems, like the digital divide, that prevent social inclusion in trade.
According to e-commerce start-up GLASS’s Gerardo Matteo, his company runs an online marketplace that allows small enterprises to access the US$ 3.7 trillion public procurement market.
In order to guarantee that small firms have equal opportunity in the public procurement process, he emphasized the importance of transparency and data accessibility.
Additionally, Matteo stressed the value of adopting new technology in trade.
“Let’s build new platforms and rethink how we do business. I believe the use of technology, e-commerce and emerging technologies like AI and blockchain are transforming both the private and public sectors, enabling public trade to flourish,” he said.
Young people are disproportionately affected by climate change, which is a legacy of earlier generations, according to Simon Berthoud of the Climate Alliance in Switzerland.
He called for increased awareness of the global issue and the depletion of natural resources and critiqued the growth route that is centered on the economy.
GDP, according to Berthoud, is an antiquated measure.
“An increase in GDP is not a precondition for realizing human rights or for combating poverty and inequalities,” he said.
He also pointed to alternative business models, such as cooperatives owned by employees and consumers, which have proven to be more resilient and inclusive.
The participants were congratulated by Director-General Ngozi Okonjo-Iweala for their “exciting” contributions and for questioning accepted wisdom.
She reaffirmed that the WTO routinely achieves favorable environmental results while fostering economic expansion.
She specifically mentioned the Fisheries Subsidies Agreement and other environmental efforts that are presently being discussed by members of the World Trade Organization.
The Director-General concluded by urging youth to keep pressing businesses to act more responsibly and supporting sustainable development.
“I love what you had to say, and I thank you. We have a lot of work to do,” she said.
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