Let all members share the dividends of trade development (International Guanlan)

The World Trade Organization is at a critical juncture, challenging the long-standing consensus of the global trading system and putting unprecedented pressure on the multilateral trading system. However, the latest forecast from the World Trade Organization shows that global trade in goods will still grow by 2.4% this year.

Most economies have not implemented restrictions on upgrading their goods and services to each other, and most members are actively expanding new cooperation links while consolidating existing trade relations. Exporters strive to promote market diversification, importers continuously explore new sources of goods, and the global supply chain continues to adjust and optimize. These facts indicate that the global trading system is still adapting, restructuring, and expanding under pressure, which has important implications for the reform of the World Trade Organization.

Firstly, reform must be based on the effective foundation of the global trading system. The reason why the World Trade Organization is irreplaceable is that it plays a fundamental role in global economic governance, such as formulating trade rules, promoting dialogue among members, and providing dispute resolution mechanisms. Lack of rules leads to increased uncertainty; Lack of dialogue makes cooperation difficult to sustain; If the dispute resolution mechanism weakens, conflicts are more likely to escalate. Reform aims to make these foundations more fair, efficient, and in line with the trend of the times.

Secondly, reform should promote rule updates and mechanism optimization. Ensure that the principle of consensus does not become a decision-making deadlock, rebuild an efficient and credible dispute resolution mechanism, enhance broad participation among members, and enable all members to share the dividends brought by trade development. This is precisely the core essence of the "re globalization" concept advocated by the WTO Secretariat.

Again, reform must respond to the profound changes in the current economic situation. The last major reform of WTO rules was the Uruguay Round negotiations over 30 years ago. At that time, the global value chain had not yet formed and the digital revolution was just beginning. Nowadays, trade in services, data flow, and artificial intelligence are profoundly reshaping the form of trade. The latest World Trade Report 2025 released by the World Trade Organization points out that if the digital divide can be effectively bridged, artificial intelligence alone could drive nearly 40% of global trade growth by 2040. If the multilateral trading system cannot keep up with this trend, it may be marginalized.

The reform issue has become the core content of the 14th Ministerial Conference of the World Trade Organization to be held in March 2026. To cope with current challenges, new ideas and wisdom are needed. Essentially, the World Trade Organization embodies the priorities, spirit of cooperation, and sense of responsibility of its members. Unity of heart leads to success. The vast majority of members view reform as a necessary path to maintain the credibility of the World Trade Organization and ensure its continued crucial role in the current global economy. China's announcement that it will not seek new special and differential treatment in current and future negotiations at the World Trade Organization demonstrates the courage and responsibility urgently needed for WTO reform, and further confirms that the reform is steadily advancing.

(The author is the Deputy Director General of the World Trade Organization. This article is excerpted from the author's speech at the "Global Trade Restructuring and WTO Reform" sub forum of the 8th Hongqiao International Economic Forum.)