President Peña of Paraguay recently addressed the World Trade Organization (WTO), emphasizing the critical role of multilateralism in addressing global trade challenges. He highlighted Paraguay's position as one of the most open economies in Latin America, advocating for deeper integration into global markets.
“We understand both the opportunities and vulnerabilities of global trade," President Peña stated. "Our experience has shown us that the path to development requires not isolation but deeper integration into global markets — guided by clear, fair and enforceable rules."
Peña argued that for middle-sized economies like Paraguay, multilateral trading systems are essential for development and prosperity. "This is why I believe that any crisis of multilateralism can only be solved by one thing: more multilateralism,” he declared.
The president underscored Paraguay's commitment to the WTO, citing its stable democracy and consistent economic policies as key factors. He noted the importance of multilateral institutions during challenging times, stating, “The creation of an international organization which seeks to put order into chaos in the world of commerce was not only a sound decision but a brilliant and endurable insight.”
Addressing WTO ambassadors and other stakeholders, Peña called for proactive measures to overcome system challenges. He emphasized progress on agricultural reform, restoring a fully functioning dispute settlement system, ensuring environmental measures enhance trade, and securing justice and fairness in international commerce.
The lecture titled “Sustaining Multilateralism in Uncertain Times: The Role of Middle Powers” was introduced by WTO Director-General Ngozi Okonjo-Iweala. She highlighted Paraguay's strong GDP growth rates in 2023 and 2024 and its positive outlook for 2025.
DG Okonjo-Iweala acknowledged Paraguay's challenges as a landlocked developing country needing export diversification beyond meat, soybeans, and electricity. She praised Paraguay's engagement at the WTO, particularly in agriculture negotiations.
She also warned against potential global fragmentation reminiscent of the 1930s, urging preservation of multilateral benefits while addressing shortcomings. “We owe it to our children and grandchildren,” she said.
A recording of President Peña’s address is available online.