ICC Secretary General John W.H. Denton AO provided insights into the developments emerging from the World Trade Organization’s (WTO) Ministerial Meeting (MC13) in Abu Dhabi.
In an interview on CNBC’s Capital Connection show, Mr Denton spoke to host Dan Murphy about the importance of the WTO’s meeting in evaluating the state of the multilateral trading system and expressed concerns over the challenges threatening its functionality.
He also stressed on its crucial role in facilitating cross-border trade, particularly for small businesses and noted instances of “hostage-taking” in negotiations.
“What we’re seeing here is a continued risk of erosion of the very system which is so important to the economic development of a number of the economies which are actually playing pretty hardball,” he said.
Mr Denton also discussed the business recommendations presented to WTO Director-General Ngozi Okonjo-Iweala, emphasising the need to maintain and enhance the multilateral trading system. He also warned against the imposition of tariffs on cross-border data flows, which could hinder e-commerce growth and highlighted the importance of holistic reform, covering areas such as dispute resolution, negotiation and monitoring.
Watch the full interview on the CNBC video hub.
Read more on ICC’s response to the MC13 outcomes.
Photo Credit: ©WTO/Prime Vision