Former WTO director defends multilateralism by ‘talking about foreign affairs’
Both discuss the WTO, international institutions and their role in the contemporary scenario. Host Adil Cader begins with a question about the importance of the World Trade Organization for international business. The former Director General replied that the WTO is important for international affairs because economic development is important for people. The expansion of international trade, he continues, is a major contribution to economic development. “The efficiency of an economy increases with the increase in international trade. This only happens under specific conditions that require global consensus. Thus, organizations like the WTO are important in facilitating these conditions.
On the Paris Peace Forum, Mr. Lamy explains that “we believe that international cooperation should not be left in the hands of sovereign diplomats, but should extend to NGOs, business coalitions, cities and university institutions”. Regarding the boycott of the WTO by the Trump administration, Mr. Lamy remarked: “This is obviously a serious problem because compared to other institutions, the WTO is more effective in implementing the rules. Unlike normal international law, it obliges the party to comply with the judicial decision following a dispute settlement. Mr. Pascal Lamy opens on the relationship between trade and climate, and the role that the World Trade Organization must play in this regard.
On the Sino-US relationship, Mr. Lamy adds that “we are back in a period where geopolitics could prevail over geoeconomics. We have to find that right balance. This, he suggests, moves away from the old belief that geoeconomics can lead to more peace while geopolitics generally leads to conflict in the sense that the former invokes rationality while the latter is about emotions. . “It has its roots in the 2008 financial crisis and the rebalancing of power between China and the United States.”
“The legal and legal principle of sovereignty does not correspond to the world today.” -Pascal Lamy
Pascal Lamy served two terms as Director General of the World Trade Organization (WTO) from September 2005 to September 2013. He is currently President of the Paris Peace Forum and President of Europe for the Brunswick Group.
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