Wilhelm Molterer is the former Vice-Chancellor and Finance Minister of Austria and chairman of the Austrian People’s Party. He has held several high-level positions in the public sector over the course of his career. For several years, he was Managing Director of the European Fund for Strategic Investments. He is also the former Vice President of the European Investment Bank and from 1994 to 2002, he served as the Federal Minister of Agriculture, Forestry, Environment and Water Management.
Are we on the brink of a new chapter in global trade? What could the new emerging trade map between the USA, Europe and Asian countries look like?
International trade has made a significant contribution to the expansion of the global economy and has been a vital instrument for inclusive economic growth and sustainable development. But the multilateral trading system was already facing acute challenges before COVID-19, and the pandemic has wreaked havoc on trade and supply chains, erasing years of economic gains in some cases.
The silver lining is the renewed political impetus for both, global economic governance and international economic cooperation, that comes with new US political leadership. How can this momentum be seized to restore and rebrand the WTO and its decision-making body for a strong, transparent, and fair multilateral trading system and enhance trust among Members?