– Most people don’t care about
the World Trade Organization. I suspect most people
don’t know what it is. – People have lost faith
in the trading system. Too many countries and
too many people have felt like all of this trade that’s
going on doesn’t benefit them. – Unless we start grappling with ensuring that the multilateral trading system is fit for purpose for the 21st
century then we run the risk of the system that’s been so supportive of economic development since its founding in 1995 will fall over. (light instrumental music) – The goal of the global
trading series is to bring in thinking from various
constituencies around the world. Into what’s driving some of the concerns and to capitalize on something that’s been a big driver
of our global economy over the last 20 years. – It’s great to have an event where we bring together policy makers as well as business leaders and thinkers because it creates a good mix to talk about the issues that matter. – I think the business community has to do a better job at putting
a face and a narrative, particularly of main street whether that’s main street Shanghai or
main street you know Chicago. – We hope that this series will help foster a frank discussion so that we can try to get to
the bottom of the issues and maybe come up with
some meaningful solutions. – I think what came out of
this conference was a sense that the WTO must be reformed. That there is not a lot of support for the WTO as it exists right now. – There was a sense of
crisis that’s emerging. It’s actually now about
systems preservation and developing a positive
agenda for reform. – In the moment the
biggest ticking time bomb within the World Trading
System is this issue of the World Trade
Organization’s appellate body. So they’re like the Supreme Court of the global trading system. – [Jennifer] The problem is the WTO dispute settlement system is about to be without judges and once that happens then the
system comes crashing down. – Very important to start
talking about the future of the World Trade Organization
against the very heart of the rules based international order. But there is so much more
on the table right now about what trade and the
future of trade means. – [Jennifer] We have
entered a very new era when we think about trade. Gone are the days in
which an item was made in one country and trades
to one other country. So the rules and whether
those rules create a lot of friction, a lot of added costs, a lot of hassles for everybody matter. – If we don’t have a good system trade becomes more messy, and messiness always comes at a cost. – The fact is a lot of the goods that we consume are cheaper
because of global trade. The fact is a lot of the ideas that drew the new inventions have been developed because of our open boarders. The fact is that a lot
of the prospects for our children will come if we have a functioning global economy. – We face a crunch moment for the future of the WTO. – The path forward is to figure out a way to reform the WTO and then to build that
coalition of support. – And ultimately I think
this really has to be about the consumers. In the end we are all consumers.