UK’s Liam Fox shares his vision for global trade

The race for the new Director-General of the World Trade Organization (WTO) is heating up as eight candidates compete for the top position, with nominations from various countries including the United Kingdom. One of the prominent candidates is 58-year-old British politician Dr. Liam Fox, who has served as the UK Secretary of State for International Trade. Dr. Fox recently shared his vision for global trade in an interview with CNBC Africa, emphasizing the need for strong leadership and a recommitment to multilateral trade rules. Dr. Fox highlighted several key challenges facing the WTO, including the lack of substantial agreements on trade liberalization in the past 25 years, a non-functioning dispute resolution mechanism, and obstacles to trade flow. He stressed the importance of having a Director-General with political experience and a strong network of global leaders to address these issues effectively. Dr. Fox expressed his belief in the benefits of a rules-based system for global trade, stating that it is essential for promoting development, stability, and prosperity worldwide. He called for a reset in expectations and policies post-COVID-19 to adapt to the new economic landscape and urged members to recommit to the shared values that drove past trade agreements. Dr. Fox also outlined his plans to enhance cooperation among WTO members if elected as the Director-General. He proposed setting up a standing task force on Small and Medium Enterprises (SMEs) to address the needs of businesses worldwide, particularly in accessing finance, skills, and markets. By engaging both developed and developing countries in these efforts and collaborating with international institutions, Dr. Fox aims to foster a sense of shared responsibility and collective progress within the WTO. When asked about ensuring compliance and transparency among member countries, Dr. Fox emphasized the importance of restoring the dispute resolution mechanism to hold nations accountable. He acknowledged transparency as a critical issue within the organization, stressing the need for accurate data sharing and identifying inappropriate state subsidies that distort fair competition in the global trading system. Dr. Liam Fox's bid for the WTO Director-General position is centered around the theme of strong leadership, recommitment to multilateral trade rules, and fostering cooperation among member nations. If elected, Dr. Fox plans to address key challenges facing the WTO and enhance its effectiveness in promoting global trade and economic development.