In many ways, not enough globalization - or multilateralism - has resulted in the world’s uneven, fragmented response to the pandemic, worsening its effects. Global challenges require global solutions, and trade - and multilateralism - is part of them. They concern all of us and cannot be solved by one country or a group of countries. Rather, they are problems of the global commons. These problems aren't experienced by countries in isolation. And here too we know that many low-income countries are particularly vulnerable. We need to act now to save the planet and our future. Plastic pollution is yet another threat, with 300 million tons of plastic produced every year, of which at least 14 million tons end up in the ocean. Furthermore, it's estimated that nearly half of global fish stocks are overfished, with nearly a tenth on the verge of collapse, threatening the livelihood of those who depend on them. The IPCC's latest Report on climate change mitigation has been seen by many as the “last warning” before key Paris Agreement goals fall out of reach. In the meantime, we need to find ways to bridge the supply gaps and feed the world's most vulnerable.Īll of this happens against the backdrop of climate change, the single biggest existential threat facing humanity. Opening Ukrainian ports or finding alternative ways to export is crucial to avoid a global humanitarian catastrophe. As a result, vulnerable communities face the risk of political destabilization and mass migration. Droughts and other climate shocks in some parts of the world exacerbate the threat. As food and fertilizer prices hit record high, around 50 million people in 45 countries are facing emergency levels of hunger. While more than 20 million tons of wheat are being trapped in Ukrainian silos, hunger is knocking on the doors of many households in Africa, Asia, and the Middle East. In addition to the tragic loss of lives and large-scale destruction within Ukraine, the war has put millions of people in other parts of the world on the brink of starvation. Hot on the heels of the pandemic came the war in Ukraine. We need to learn from this pandemic and get ready for the future ones. Had the world been better prepared, millions of deaths could have been avoided. While on average, 66 percent of the world’s population have received at least one dose of a COVID vaccine, among low-income countries, the rate averages only 17 per cent. But in some parts of the world, vaccine inequity remains acute. Access to vaccines has improved thanks to initiatives such as COVAX and the mRNA vaccine technology transfer hub. What was missing, however, was a policy framework to secure global access to vaccines once they became available. If there is anything positive about COVID-19, it is the development of vaccines in record time. It is also suitable to describe today's world more broadly. This Greek term was made famous by Jean-Claude Juncker, a former President of the European Commission, in the context of the European crises of the past decade. I use the word “polycrisis” to refer to these multiple and overlapping crises of our time. And we are facing the existential threat of climate change, extreme weather events, and environmental degradation. We are living through a global pandemic, the war in Europe, rampant inflation, widespread food insecurity in the developing world. Indeed, the past few years have changed the world and the global economic outlook. Although it was only a few years ago and many of the points he made are still relevant, the world we live in today is very different from what it was in 2018, which has consequences for governments and their citizens, as well as the role of multilateralism and the WTO. As I was preparing, I discovered that, in 2018, my predecessor, former WTO Deputy Director-General Alan Wolff, delivered a graduation speech here on a somewhat similar subject - “The Rule of Law in the Age of Conflict”. The title of my today's speech is “The Role of Multilateralism in the World of Polycrisis”. Congratulations on what you have achieved so far! I wish you plenty of energy for the last push. But you are very close to the finish line. Students, I know you've been through many sleepless nights and a very intense academic year, which is not quite over yet. It is an honour and a pleasure for me to be at this institution, which has such an excellent reputation in the trade world, both for the quality of research it produces as well as the excellence of its graduates. Thank you, Professor Van den Bossche, for inviting me to deliver a keynote speech at this graduation ceremony. Good afternoon, students, members of the faculty, ladies and gentlemen.
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