Interview: Strengthening International Cooperation and Promoting Wider Integration in the Common Interest - Interview with Ralph Osa, Chief Economist of the World Trade Organization, Economy | Poverty | World Trade Organization
Geneva, September 14th (Xinhua) - Interview with Ralph Osa, Chief Economist of the World Trade Organization: Strengthening International Cooperation and Promoting Wider Integration in the Common Interest
Xinhua News Agency reporter Chen Binjie, Jiang Xuelan, Lianyi
Ralph Osa, Chief Economist of the World Trade Organization, recently stated in an interview with Xinhua News Agency in Geneva that strengthening international cooperation and promoting broader integration are key to addressing current urgent challenges and building a secure, inclusive, and sustainable future. This is in line with our common interests.
The World Trade Organization released the 2023 World Trade Report on the 12th. The report explores the various risks brought about by trade fragmentation and believes that global issues require global solutions, and what the world needs today is more cooperation.
WTO Director General Ivira pointed out in his report that the openness and predictability of the global economy are facing challenges, and the international community should continue to strengthen the multilateral trading system.
Osa said that current trade skepticism is rampant, which believes that international trade is not conducive to building a safer, inclusive, and sustainable world. This narrative style is "fundamentally different" from the narrative style that has guided trade policy formulation since the signing of the General Agreement on Tariffs and Trade in 1947.
He stated that globalization is at a crossroads, trade frictions are intensifying, and the fragmentation trend in the geopolitical field is emerging. Globalization is currently facing challenges, but overall, the fundamentals of global trade are good, and the argument of de globalization is too exaggerated.
The World Trade Organization released a report in April predicting that global trade in goods will grow by 1.7% in 2023, higher than the 1% predicted in October last year. The report states that the key factor in raising global trade growth expectations is China's continuous optimization and adjustment of epidemic prevention measures, which helps to release consumer demand and promote international trade growth.
Osa warned, "The cost of fragmentation will be enormous." The World Trade Organization's model predicts that if the world falls into the worst-case scenario of comprehensive geopolitical competition, global average income will decrease by 5% and average trade volume will decrease by 13%.
Osa pointed out that in order to maintain peace and security, reduce poverty and inequality, and achieve a sustainable economy, "we need to embrace trade rather than reject it... we also need a multilateral trading system.".
He said that after the World Trade Organization's Trade Facilitation Agreement came into effect on February 22, 2017, global trade volume increased by $231 billion, and the growth in trade volume particularly benefited developing countries.
Osa stated that China is a staunch supporter of the multilateral trading system and globalization. Thanks to its active participation in the multilateral trading system, China has achieved remarkable economic growth, lifted hundreds of millions of people out of poverty, and brought hope to developing countries around the world.
