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| World Trade Organization (WTO) Secretary-General Ngozi Okonjo-Iweala, fourth from left in front row, poses with young IT industry leaders in Korea at the headquarters of Naver in Seongnam, Gyoneggi Province, Tuesday. Yonhap |
By Lee Kyung-min
World Trade Organization (WTO) Secretary-General Ngozi Okonjo-Iweala visited Naver, a local IT giant, to experience its latest high-tech artificial intelligence (AI) services, including robot deliveries and digital twin technologies, the trade ministry said Tuesday.
The intergovernmental trade organization head had a meeting with a group of young industry leaders in Korea and exchanged thoughts on digital trade.
The event was joined by startups, top-tier firms that have won awards at the Consumer Electronics Show (CES), the most influential tech event, as well as platform operators.
Among the agenda items discussed were using blockchain and cloud technologies in the medical, education, agriculture and cybersecurity industries.
The participants agreed that digital technology will determine the future of trade, and that both challenges and opportunities abound for businesses and governments in the era of digital transformation.
The Korean participants recognized the importance of digital trade, as accelerated by digitization and the data economy, a reason why they said the WTO should play a more active role.
The secretary-general said in response that the intergovernmental organization will help fortify global cooperation to promote digital trade, adding that Korea is at the forefront of the digital transformation, according to the ministry.
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| World Trade Organization (WTO) Secretary-General Ngozi Okonjo-Iweala delivers a speech at the Korea Chamber of Commerce and Industry in Seoul, Tuesday. Yonhap |
Later in the day, the secretary-general attended a meeting titled, Trade Talks with WTO Director-General, which was organized by the Korea Chamber of Commerce and Industry (KCCI). KCCI Executive Vice Chairman Woo Tae-hee and Trade Minister Ahn Duk-geun attended the event.
It has been 10 years since the WTO Secretary-General visited Korea. Okonjo-Iweala's predecessor, Roberto Azevedo, came to Korea in May 2014.
Visits by former WTO Secretary-Generals to Korea include one made by Pascal Lamy in 2009 and 2010, followed by Michael Kenneth Moore in 2002 and Renato Ruggiero in 1997.
Okonjo-Iweala stressed the importance of market principles and free trade, a longstanding emphasis gaining all the more momentum amid the spread of protectionism around the world over the past few years. She said countries should revitalize the multilateral trade system and Korea has a great role to play in that.
The WTO considers Korea an excellent example to strengthen its case, since the export-oriented economy's robust growth has been propelled in large part by international trade rules remaining intact, she added.
Woo said that the WTO faces challenges, most notably reforming its appellate body and outlining responses to supply chain reorientation, as well as ratifying subsidies for fisheries and marine business. These are tasks in his view that weigh more heavily due to the drawn-out U.S.-China hegemony-driven IT war, climate change and global protectionism.
Okonjo-Iweala in response said Korea's elevation as an economic powerhouse underpinned by years of global trade is a testament to the need to fortify international multilateral free trade.
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