SEVILLE, Spain (Chatnewstv.com) — The heads of the World Trade Organization and the International Chamber of Commerce on Monday called on governments and development partners to place trade at the heart of global efforts to spur economic growth, especially in developing economies.
In a joint statement issued during the Fourth International Conference on Financing for Development in Seville, WTO Director-General Ngozi Okonjo-Iweala and ICC Secretary General John W.H. Denton AO reaffirmed their commitment to leveraging trade as a catalyst for sustainable development.
“A well-functioning multilateral trading system remains essential to enabling private sector-led growth — particularly in emerging and developing economies,” the statement said. “Local businesses depend on predictable rules, open markets, and efficient trade processes to compete and thrive.”
The two global trade leaders expressed concern over persistent barriers that continue to hamper access to global markets for small and medium-sized enterprises (SMEs). They pointed to issues such as limited access to trade finance, excessive border delays, and customs inefficiencies that disproportionately affect smaller businesses.
“These obstacles often hit the smallest and most dynamic enterprises the hardest — undermining both job creation and development impact,” they said.
The WTO and ICC chiefs urged policymakers gathered in Seville to recommit to multilateral trade frameworks, eliminate regulatory frictions, and prioritize digitalization of trade processes. They also highlighted the erosion of correspondent banking networks and unintended consequences of financial crime compliance rules that have triggered widespread de-risking — particularly in regions most in need of trade finance.
In addition, they called for increased investments in trade-related infrastructure and targeted capacity building for SMEs to boost supply chain resilience and economic inclusivity.
“As the global community focuses on strengthening economic resilience and fostering growth, enabling trade must be a central pillar of any serious strategy for mobilizing private capital at scale,” the statement emphasized. “This must be underpinned by a shared effort to modernize core multilateral trade rules in line with the realities of 21st century commerce.”
Okonjo-Iweala and Denton said both organizations stand ready to collaborate with stakeholders across the public and private sectors to unlock trade’s full potential for “people, planet, and prosperity.”
By Gabriel Ani
