President Ramaphosa calls for WTO reform to address global trade imbalances

In a pivotal address streamed live on Thursday, President Cyril Ramaphosa underscored critical role of the World Trade Organisation (WTO) as it marks its 30th anniversary.

He highlighted urgent need for reforms to address existing imbalances in global trade, particularly those affecting developing nations.

Ramaphosa, speaking during a time of economic uncertainty, emphasised that while WTO has advanced rules-based trading system, many members still grapple with significant challenges that hinder their participation in the global economy.

Established in 1995, WTO has been instrumental in shaping global trade policies and fostering economic cooperation among nations.

Currently, over 80% of global trade operates under its framework, however, persistent inequalities plague multilateral trading system.

President Ramaphosa articulated his concerns, noting that “inclusivity promised by multilateral trading system and Doha Development Round has not materialised for many.”

He pointed to the plight of developing countries, often locked into lower segments of global value chains, as a continuing barrier to economic advancement.

The South African leader highlighted repercussions of commodity dependence, which exposes these economies to price volatility and economic disruption.

Ramaphosa referenced COVID-19 pandemic as a stark reminder of the system’s failings, stating, “During the pandemic, we witnessed inability of the system to deliver credible outcome.”

This inability, he argued, signals a need for recalibration of trade rules to support sustainable development and enable greater policy flexibility for nations navigating domestic challenges.

As the WTO approaches its 14th Ministerial Conference in Cameroon in 2026, President Ramaphosa called for a united and reform-focused approach.

“WTO reform must be development-centric,” he insisted, echoing concerns from various global leaders who seek a more equitable trading system.

He urged that “governments must be afforded the requisite policy space to enable them to be more responsive” and that trade rules should facilitate structural transformation to integrate developing countries into the global market.

Ramaphosa also denounced unilateral measures and protectionist policies being adopted by some advanced economies, warning that such actions jeopardise the integrity of the multilateral framework.

“It is incumbent on us all as members to ensure that the multilateral trading system is strengthened, or we risk the encroachment of a global trade regime based on power dynamics,” he stated, calling for collective action to make global trade work for all.

As WTO celebrates its 30 years of existence, challenges of enhancing inclusivity and equity in global trade remain at the forefront of international discourse.

In conclusion, President Ramaphosa’s address serves as a clarion call for reformed policies that facilitate fairer distribution of economic opportunities.

“Let us continue in our efforts to build global trading system that is inclusive, equitable, and truly serves the needs of all nations,” he urged, emphasising the need for collaboration among the international community to navigate the complexities of modern trade.