Coinciding with the prestigious World Economic Forum in Davos, Ngozi Okonjo-Iweala, Director General of the WTO, and Ian Saunders, Secretary General of the OMA, formalized an agreement aimed at strengthening cooperation between both organizations. This Memorandum seeks to identify joint opportunities in customs matters and coordinate efforts in international forums.
The agreement also provides for collaboration in technical assistance and capacity building, especially in relation to the Agreement on Trade FacilitationBoth entities will share relevant information and work together to address special challenges such as illicit trade and intellectual property rights.
The Director General Okonjo-Iweala highlighted: “The increasing complexity and volume of international trade makes this Memorandum particularly timely.” He added that this agreement will deepen the existing cooperation between the two organizations to ensure that trade contributes effectively to global economic security.
Saunders, for his part, stressed: “This Memorandum brings us closer to fulfilling our commitment to efficiency, security and prosperity.” He expressed hope that this collaboration will reach new levels thanks to the recent agreement.
The WTO is recognized for establishing international trade standards negotiated by various nations to ensure a smooth and predictable flow of trade. The WCO, on the other hand, specializes in customs matters worldwide, representing 186 administrations that process approximately 98% of global trade.
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