World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has lauded Philippine President Ferdinand Marcos Jr. for his insightful dialogue on resolving global trade conflicts amid rising geopolitical tensions.
During her recent visit to the iconic Malacañang Palace, Okonjo-Iweala expressed gratitude for President Marcos Jr.’s depth of knowledge and passion for addressing pressing trade challenges. The two leaders discussed the critical role of middle-power nations in strengthening the multilateral trading system, particularly as global trade becomes increasingly influenced by political alignments.
The dialogue came at a pivotal time when global trade faces unprecedented disruptions. Geopolitical tensions, including the ongoing conflict in Ukraine and instability in the Middle East, coupled with strained relations among major powers, have created a volatile environment. These conflicts have not only disrupted trade flows but have also fueled a trend toward “friend-shoring” (prioritizing trade with allied nations) and “nearshoring” (focusing on neighboring countries for trade partnerships).
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Okonjo-Iweala highlighted how countries are shifting from profit-driven strategies to those aligned with geopolitical interests. She noted that this realignment underscores the importance of middle-power countries like the Philippines in fostering dialogue and ensuring the multilateral trading system remains robust.
As trade protectionism, supply chain disruptions, and political alliances continue to shape the global economic landscape, Okonjo-Iweala’s commendation of President Marcos Jr. signals a call for collaborative efforts to navigate these challenges. She emphasized the need for informed leadership and cooperation to mitigate the risks posed by geopolitical conflicts.
This meeting reinforces the WTO’s commitment to addressing the intertwined issues of trade and geopolitics, with Okonjo-Iweala praising the Philippine leader’s dedication, intelligence, and wit in championing these efforts.
