Cairo:Egypt's Minister of Planning and Economic Development, Ahmed Rostom, has called for significant reforms in the World Trade Organization (WTO) to better meet the needs of developing and emerging economies. He emphasized the importance of establishing clear benchmarks and enforceable rules to address these needs effectively.

According to State Information Service Egypt, Rostom underscored the necessity of reinstating an effective dispute settlement system within the WTO, supported by independent panels and an appeals mechanism. He made these remarks during a panel discussion titled 'The WTO at a Crossroads Can Global Trade Rules Survive in a Fragmented World?' at the third Cairo Forum organized by the Egyptian Center for Economic Studies.

Rostom advocated for prioritizing economic development in WTO reforms, updating the principle of special and differential treatment, and providing developing countries with adequate policy space for implementing industrial policies linked to clear performance indicators. He also highlighted the importance of transparency and dialogue on emerging issues, such as digital trade and climate-related measures.

Highlighting Egypt's initiatives, Rostom mentioned the National Single Window for Foreign Trade Facilitation, known as Nafeza, as a model for improving customs, logistics, and regulatory procedures. He noted Egypt's efforts to simplify domestic trade procedures and enhance international negotiating and legal capabilities to boost local companies' competitiveness and support regional supply chains.

The minister also pointed out that customs reforms and increased transparency are crucial for reducing transaction costs, improving supply chain reliability, and enhancing the national economy's competitiveness. He concluded that digital trade facilitation is now an essential component of economic development, alongside industrial development and export diversification.