Šefčovič Informed the WTO of the EU’s Commitment to Rules-Based Global Trade

Brussels/Bratislava – Slovak Eurocommissioner Maroš Šefčovič, who oversees trade and economic security within the European Commission, visited Geneva on Tuesday to engage with key stakeholders at the World Trade Organization (WTO). His trip aimed to reinforce the European Union's commitment to the multilateral trading system and to emphasize the WTO's vital role in global commerce, as reported by TASR’s Brussels correspondent.

The European Commission clarified that Šefčovič's working trip to the WTO headquarters was intended to affirm the EU's dedication to a rules-based trading environment.

During his visit, Šefčovič is set to meet with WTO Director-General Ngozi Okonjo-Iweala to convey the EU’s backing for her initiatives aimed at modernizing the WTO in response to the evolving political and economic landscape. This high-level engagement is part of the EU’s broader vision for a reformed WTO, which is essential for global trade and provides significant advantages to economies around the world.

Šefčovič’s visit is particularly timely, as the WTO faces numerous challenges concerning dispute resolution, excess production capacity, and the need for critical reforms.

Prior to departing for Geneva, Šefčovič remarked that the EU continues to be a "global champion of rules-based international cooperation."

“We are dedicated to ensuring the effective operation and revitalization of the World Trade Organization. To maintain the WTO as the foremost venue for global trade discussions, it must address all the challenges we currently face for the benefit of everyone involved,” Šefčovič stated to the media.

He further noted that, much like in business, trade relies on predictability and fair regulations. The European Commission is committed to fostering international cooperation and tackling the pressing issues in global trade, considering that trade accounts for nearly a quarter of the EU’s GDP. A predictable and open trading environment is crucial for the Union’s competitiveness. (January 7)

“To maintain the WTO as the most relevant forum for the global trading system, it must address all the challenges we face today for the benefit of all.” Maroš Šefčovič