President Peña noted that Paraguay is one of the most open economies in the world, firmly anchored in the belief that “free commerce is a bedrock of civilized peoples.” In fact, Paraguay is the second most open economy in Latin America, with no significant restrictions on trade, a simple tax system and a markedly pro-business stance, he said. As a landlocked country and primarily an agricultural exporter, producing food for ten times its population, Paraguay has no other alternative, he added.
“We understand both the opportunities and vulnerabilities of global trade. 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. For middle-sized economies like Paraguay, the multilateral trading system is not just one option among many, it is simply essential for our development and prosperity. This is why I believe that any crisis of multilateralism can only be solved by one thing: more multilateralism,” he declared.
President Peña stressed that Paraguay’s commitment to the WTO stems from its experience as a country which has constructed a stable democracy with consistent economic policies and its unique perspective as a bridge between countries with different levels of development. It also comes from the deep conviction that multilateralism remains the most effective path to sustainable development, he added.
Referring to the historic decision to establish multilateral institutions after the Second World War, President Peña noted that it is precisely during difficult times that organizations like the WTO have the unique opportunity not only to show the world their crucial importance but to justify their existence. “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. … The WTO has been, is and will be a great idea,” he added.
In his address to WTO ambassadors, heads of intergovernmental organizations, representatives of non-governmental organizations, business and academia, President Peña also underscored that WTO members must be proactive in order to overcome the challenges faced by the system.
He pointed to the need to make meaningful progress on agricultural reform to achieve less distorted markets and enhance food security, and to the importance of restoring a fully functioning dispute settlement system accessible to all members. He also called on members to ensure that environmental measures enhance, rather than hinder, international trade, and to secure justice, fairness and equality, the most fundamental principles of international commerce.
The lecture – titled “Sustaining Multilateralism in Uncertain Times: The Role of Middle Powers” – was preceded by opening remarks by WTO Director-General Ngozi Okonjo-Iweala, who stressed that under President Peña Paraguay registered South America’s strongest rates of GDP growth in 2023 and 2024, according to IMF data, with a positive outlook for 2025 as well.
DG Okonjo-Iweala noted that as a landlocked developing country, Paraguay faces challenges familiar to many WTO members. In the case of Paraguay, these challenges have to do with diversifying its exports beyond meat, soybeans and electricity, and the vulnerability to climate change of the Paraguay-Parana River waterway that connects the country to world markets for goods.
DG Okonjo-Iweala referred to the fifth WTO Trade Policy Review (TPR) of Paraguay undertaken in November 2024 and the recognition by other members of Paraguay’s active and constructive engagement at the WTO, particularly in agriculture negotiations. She noted that at the TPR meeting, members praised Paraguay’s broadly open trade and investment environment and noted its reliance on regional and global trade to drive development and poverty reduction.
DG Okonjo-Iweala also drew attention to the current challenging environment and the potential for the world to become more fragmented. “We have lived in that world before in the 1930s. It was poorer and more violent. So we owe it to our children and grandchildren,” she said, to preserving the benefits of multilateralism whilst fixing its shortcomings. “This would help us build them a better future,” she added.
A recording of the event can be viewed here.
About the WTO’s Presidential Lecture Series
The WTO’s Presidential Lecture Series provides a platform for distinguished speakers from around the world to deliver lectures on various aspects of multilateral cooperation and global governance. Several events are held each year.
More information on the lecture series is available here.
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