DDG Zhang highlights continued relevance of WTO, importance of business input in its work
"We are facing multiple challenges and uncertainties," DDG Zhang told the visiting entrepreneurs. "But as our Director-General Dr. Ngozi Okonjo-Iweala has said, 72% of global trade is still going on within the framework of the WTO. That's an important fact which we should not take for granted, it's just math."
While acknowledging the importance of tariffs in trade policy, DDG Zhang also highlighted the significance of WTO work and its rules in other areas such as protection of intellectual property rights, product standards and other non-tariff matters.
He also pointed to the important role of business in the WTO's work, noting it was business leaders who were instrumental in pushing for the WTO's Information Technology Agreements, which have led to the elimination of tariffs on hundreds of high-tech products worth several trillion dollars per year in annual exports.
"The WTO can survive," he declared. "We are in a difficult time, but communication between us and entrepreneurs is very important. You are our customers, you are the source of ideas."
DDG Zhang spoke to a visiting delegation from the China President Program, organized by the Cheung Kong Graduate School of Business in Beijing and the Swiss Board Foundation. The delegation included around 30 chairs, presidents and CEOs from Chinese companies involved in sectors such as technology, software, renewable energy, pharmaceuticals, construction, real estate and consumer goods.
The visit provided an opportunity for WTO Secretariat officials to engage directly with the group and raise awareness of the WTO’s role, its priorities and its relevance for Chinese businesses operating globally.
In his remarks, DDG Zhang addressed the current state of play in the WTO, the future of global trade, and why the organization matters for Chinese businesses. WTO Secretariat experts delivered their insights on issues such as intellectual property, digital trade, technical barriers to trade, standards and regulations, and economic trends.
Participants were given the opportunity to ask questions and exchange perspectives with Secretariat officials.
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