STORY: "Re-globalization is in our common interest," says WTO chief economist
DATELINE: Sept. 14, 2023
LENGTH: 00:01:02
LOCATION: GENEVA, Switzerland
CATEGORY: ECONOMY

SHOTLIST:
1. SOUNDBITE (English): RALPH OSSA, WTO Chief Economist

STORYLINE:

"Re-globalization is in our common interest," said Ralph Ossa, chief economist of the World Trade Organization (WTO), in a recent interview.

According to Ossa, re-globalization means increased international cooperation and broader integration and is key to addressing the pressing challenges of our time and to building a secure, inclusive and sustainable future.

The WTO published the 2023 edition of the World Trade Report Tuesday.

This document presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.

SOUNDBITE 1 (English): RALPH OSSA, WTO chief economist
"The economic costs of fragmentation are going to be large. And in some sense, that's the point that the report is trying to make, because if we want to achieve or if we want to address the most pressing challenges of our time, which are to maintain peace and security, to reduce poverty and inequality, and also to achieve a sustainable economy, we need to embrace trade and not reject it." 

The report aims to challenge the rising trade-skeptic narrative, which suggests that international trade is an obstacle to building a more secure, inclusive and sustainable world, said Ossa, adding that such a narrative is "fundamentally different from the narrative that has been guiding trade policymaking since 1947."

SOUNDBITE 2 (English): RALPH OSSA, WTO chief economist
"Globalization is really at a crossroads. The tide is turning against globalization, but I think there's still time to act. So what we do see is a rise in trade policy tensions, and we also see the first signs of fragmentation on geopolitical lines, but overall, I want to still say trade is holding up strong, so all the talk of de-globalization is certainly exaggerated."

Speaking of China's role in the re-globalization process, Ossa said that China is a supporter of the multilateral trading system and also of globalization.

SOUNDBITE 3 (English): RALPH OSSA, WTO chief economist
"I also experience China as a strong supporter of the multilateral trading system in particular, but also globalization, more generally, and of course, this is very important for us."

Xinhua News Agency correspondents reporting from Geneva, Switzerland.
(XHTV)