THE World Trade Organization (WTO) has marked its 20th year this 2015 of liberalizing global trade and helping the world economy expand.
“Over the past 20 years, this organization has, on balance, made an important contribution to the global economy and to smoother trading relations between nations,” WTO Director General Roberto Azevêdo stated for the 20th anniversary of the WTO on New Year.
“Over the years the WTO has helped boost trade growth, resolve numerous trade disputes and support developing countries to integrate into the trading system,” Azevêdo added.
He stressed that the WTO has also implemented measures to fight against trade protectionism and promote global trade liberalization.
The WTO evolved from a multilateral trade pact General Agreement on Tariffs and Trade established in 1948, after members signed the Marrakesh Agreement, which officially formed the WTO on January 1, 1995.
To date, the WTO has 160 member-countries, ranging from some of the world’s largest and least developed economies. Its members also now comprise 98 percent of global trade.
“So as we look to the year ahead there is a lot of work to do—and many challenges to meet. While we have delivered in many areas, and despite the success of Bali, the pace of negotiations remains a source of frustration. In future we know that we need to deliver more outcomes, more quickly,” the WTO chief said.
“In addition, we know that our poorest members are still not adequately integrated into the trading system, so again we need to do more to help them reap the benefits that the system can offer,” he stressed.
The Philippines is one of the founding members of WTO.
WTO data showed that the Philippines ranked 56th largest exporting country and 46th in terms of imports in the global trade.