Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has called on member nations to broaden their trade activities while embracing both free trade and regional agreements.
She delivered this message at the inaugural Biennial Summit for a Sustainable, Inclusive, and Resilient Global Economy, held at the United Nations headquarters in New York.
Convened on the sidelines of the 80th UN General Assembly, the summit was initiated by the UN Secretary-General to promote reforms in the global financial and economic system.
Attended by world leaders, top officials from international institutions, and representatives of the G7, G20, and COP30, discussions centered on tackling the challenges of development financing in pursuit of the 2030 Sustainable Development Goals (SDGs).
Okonjo-Iweala acknowledged that recent tariff policies by major economies have strained global trade but emphasized that the multilateral trading system has remained resilient. She highlighted the rapid expansion of digitally delivered services nearly 10 per cent growth last year, reaching close to $5 trillion and the strengthening of South-South trade cooperation.
South African President Cyril Ramaphosa, who will chair this year’s G20 summit, underscored the $4 trillion financing gap needed to achieve the SDGs. He proposed measures such as fairer debt restructuring, affordable financing, and tax reforms to curb illicit financial flows, while stressing the need for trust and inclusivity in global economic governance.
UN Secretary-General António Guterres described the Biennial Summit as “a new model of inclusive multilateralism,” noting that it was conceived in 2021 and later endorsed in the Pact for the Future as a key step toward reshaping global financial frameworks.
He cautioned that public resources remain limited compared to global needs and pressed for better leveraging of private investment to address funding shortages, particularly in developing countries where borrowing costs are disproportionately high.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva also issued a warning that global public debt could approach 100 per cent of GDP by the end of the decade. She urged governments to commit to sustainable debt levels, implement reforms that attract private sector financing, and eliminate outdated regulations that hinder investment.
Georgieva emphasized that ensuring fiscal discipline and modernizing financial systems will be essential to preparing countries for future shocks and supporting long-term growth.