Korea Urges Restoration of WTO Multilateral System at Davos Forum

Yoo Myung-hee, Chief Negotiator of the Ministry of Trade, Industry and Energy. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Yoo Myung-hee, the Chief Negotiator for Trade at the Ministry of Trade, Industry and Energy, will represent South Korea on the global stage to call for the restoration of the World Trade Organization (WTO) multilateral system.

According to the Ministry of Trade on the 19th, Chief Yoo will attend the World Economic Forum Annual Meeting (Davos Forum, 21st?23rd) and the WTO Ministerial Conference (24th) held in Davos, Switzerland, for four days starting on the 21st (local time).

This year marks the 50th anniversary of the Davos Forum, with the theme "a cohesive and sustainable world," featuring discussions and networking on trade and investment, innovative technologies, future society, and sustainability.

Chief Yoo will participate as a member of the Board of Stewards of the "Trade and Interdependence Council," serving as a discussion leader to present on the topic of "Challenges for Expanding Trade and Investment."

In her proposal, she points out recent changes in the trade and investment environment, including the expansion of economic nationalism, weakening of the WTO multilateral system, and the increase in service trade compared to goods trade due to digital transformation.

She plans to urge the restoration of the WTO multilateral system through the normalization of the WTO Appellate Body, the prompt establishment of a global digital trade agreement, and the expansion of comprehensive regional economic agreements such as the Regional Comprehensive Economic Partnership (RCEP).

The board will include Roberto Azev?do, WTO Director-General, and Phil Hogan, the newly appointed European Union (EU) Commissioner for Trade.

After her presentation, Chief Yoo will hold bilateral meetings with international figures to discuss the restoration of the multilateral system and related issues.

Over three days starting on the 21st, she will meet with WTO Director-General Azev?do and EU Trade Commissioner Hogan to discuss the normalization of the WTO Appellate Body, WTO reform, and the restoration of the WTO-centered multilateral system, as well as South Korea’s contribution plans.

South Korea will emphasize its relatively good understanding of both developed and developing countries’ positions, highlighting its constructive role in maintaining the multilateral trade order represented by the WTO.

She will also review bilateral cooperation achievements with trade and economic ministers from 'New Southern' and 'New Northern' countries such as India, the Philippines, Malaysia, Russia, and Kazakhstan, as well as emerging economies like Brazil and Turkey.

Discussions will include free trade agreement (FTA) negotiations and improvements, as well as plans to expand economic cooperation projects with these ministers.

Chief Yoo will seek cooperation in new industries such as bio and digital sectors with CEOs from about ten companies, including Swedish pharmaceutical company AstraZeneca and Chinese advanced technology venture investment firm Sinovation Ventures.

On the 24th, she will participate in an informal WTO Ministerial Meeting with about 30 ministers and attend WTO-related meetings such as the WTO Ministerial Conference on Electronic Commerce.

At the Ministerial Conference, Chief Yoo will propose securing the effectiveness and modernization of current norms and revitalizing negotiation functions to reform the WTO for restoring and strengthening the multilateral system.

At the electronic commerce meeting, she will emphasize the importance of establishing digital trade norms, reminding that the WTO must achieve this to facilitate digital trade and investment in the Fourth Industrial Revolution era.

Furthermore, she will highlight that solidifying digital trade norms will serve as a milestone demonstrating to the world that the WTO’s overall norm-setting function can operate properly.

Chief Yoo is expected to call for the establishment of balanced digital trade norms encompassing digital business liberalization, privacy protection, and responses to intellectual property rights infringements during the meetings.