WTO chief says digital technology a key factor in future trade

Economy 10:39 May 23, 2023

SEOUL, May 23 (Yonhap) -- The chief of the World Trade Organization (WTO) said Tuesday that digital technologies will serve as a key factor that affects trade in the future, adding that her agency will play a role in facilitating the digital-based global trade, according to Seoul's industry ministry.

WTO Director-General Ngozi Okonjo-Iweala made the remarks during a meeting with young businesspeople in the digital sector at the headquarters of internet portal giant Naver Corp. in Seongnam, just southeast of Seoul, according to the Ministry of Trade, Industry and Energy.

According to the ministry, the director-general said that digital technologies will decide the future of trade and the digital transition will create both chances and challenges for businesses and governments.

The WTO will contribute to promoting international cooperation and devising a policy basis for countries to facilitate digital trade, Okonjo-Iweala said, saying South Korea is taking the lead in the digital realm.

Tuesday's meeting drew dozens of young officials from innovative digital companies in South Korea, including Naver, e-grocery giant Kurly Corp., and devices and software developer for visually impaired people Dot Inc.

Okonjo-Iweala arrived in South Korea on Monday for a three-day stay for talks with senior government officials and businesspeople on roles of the WTO and South Korea to restore the multilateral trading system and other issues.