🌐 The global trading system needs urgent reform

— and business is speaking with one voice.

Over 235 organisations from around the world, led by the International Chamber of Commerce, have signed a landmark Global Business Statement calling on WTO ministers to act decisively at the 14th Ministerial Conference (MC14).

The stakes could not be higher. According to analysis by Oxford Economics commissioned by ICC, the collapse of a functioning WTO could permanently shrink developing economy GDP by over 5%. No country would be immune.

Here’s what business is calling for:

✅ A time-bound WTO reform round to restore negotiating and dispute-settlement capacity
✅ A standstill on new trade restrictions during reform negotiations
✅ Renewal of the Moratorium on Customs Duties on Electronic Transmissions
✅ Structured private sector engagement in the reform process
✅ Better access and fairer rules for MSMEs — the backbone of every economy

The fragmentation of global trade into a “spaghetti bowl” of bilateral and regional agreements is already raising costs and uncertainty — especially for smaller businesses trying to reach global markets.

The multilateral system has underpinned global commerce for 30 years. Now it needs to evolve for the 21st century.

The signal from global business is clear: reform is not optional. It’s essential.

Check out the joint call: https://drive.google.com/file/d/1ehY4BGRFLxaBjIU4EYdh08ictx8lTdpZ/view

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