In a recent interview with CGTN, John Drummond, head of the Trade Policy Division at the Organisation for Economic Co-operation and Development (OECD), emphasized that international cooperation and a rules-based trading system remain the most effective tools to counter unfair practices in global commerce. His remarks come as geopolitical tensions and supply chain disruptions continue to test the resilience of Asia's export-driven economies.
"Multilateralism isn't just an ideal – it's a practical necessity," Drummond stated, highlighting the OECD's role in facilitating dialogue among 38 member countries and key Asian partners. The organization's latest data shows that 72% of global trade disputes since 2020 have been resolved through established multilateral frameworks rather than unilateral measures.
For business leaders eyeing Asian markets, Drummond pointed to emerging opportunities in digital trade governance and green technology partnerships. "The rapid growth of Southeast Asia's digital economy, projected to reach $1 trillion by 2030, demonstrates how shared standards can create level playing fields," he noted.
Academics have welcomed the OECD's stance, with Dr. Li Wei of Singapore Management University telling KhabarAsia: "This approach aligns with Asia's historical preference for consensus-building. The challenge lies in balancing national interests with collective action."
As the World Trade Organization prepares for its 14th Ministerial Conference in 2024, all eyes remain on how major Asian economies will shape the next phase of global trade rules.
