The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, and the Secretary-General of the International Chamber of Commerce (ICC), John W.H. Denton AO, have issued a powerful joint statement calling for urgent action to remove trade barriers and strengthen the multilateral trading system. The appeal was made at the Fourth International Conference on Financing for Development held in Seville, Spain.
In their statement, both leaders reaffirmed their shared commitment to leveraging global trade as a critical engine for economic development, especially in emerging and developing economies. They emphasized that a well-functioning multilateral trading system remains fundamental to enabling private sector-led growth, which in turn drives job creation, innovation, and inclusive development.
“Local businesses in developing regions rely on predictable rules, open markets, and streamlined trade processes to compete globally and thrive. Yet many still face systemic barriers that stifle growth,” the statement read.
Highlighting challenges such as restricted access to trade finance, inefficient customs procedures, and burdensome border delays, the leaders warned that small and medium enterprises (SMEs) are the hardest hit, reducing the potential of trade to deliver meaningful development outcomes.
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They called on governments and development partners present at the Seville conference to reaffirm their commitment to a rules-based trading system and take practical steps to eliminate regulatory bottlenecks that hinder cross-border trade. Special attention was drawn to the erosion of correspondent banking networks and the unintended consequences of stringent financial crime compliance regimes, issues that have led to widespread de-risking, particularly in regions where trade finance is most needed.
Okonjo-Iweala and Denton stressed the need for coordinated global efforts to modernize trade infrastructure, digitize trade processes, and invest in targeted capacity-building initiatives for SMEs. These measures, they said, are crucial for improving supply chain resilience and ensuring that trade remains a central pillar in mobilizing private capital for sustainable growth.
“As the world focuses on building stronger, more resilient economies, trade must be at the heart of any serious development strategy,” they declared. “This includes a collective push to modernize the multilateral trading system to reflect the realities of 21st-century commerce.”
The statement concluded with a pledge of partnership: “We stand ready to work with all stakeholders to ensure that trade delivers its full potential, for people, for the planet, and for shared prosperity.”
