WTO Director-General Ngozi Okonjo-Iweala has sounded a cautionary note against the dangers of "unproductive trade wars", as she wrote extensively about how much the United States has gained from the global trade system, particularly trade in services.
Okonjo-Iweala recently penned an article titled "America's Big Trade Win," in which she said the U.S. has been "a clear winner" in the global services trade. Compelling data employed by the WTO chief stands in stark contrast with the U.S. government's claim that other countries have taken advantage of it in global trade, a pretext that Washington has used to impose tariffs and other restrictive measures on its trade partners all over the world.
In 2023, U.S. services exports were worth more than 1 trillion U.S. dollars, accounting for 13 percent of the global total. The U.S. runs a services trade surplus with most major economies, with the surplus totaling nearly 300 billion U.S. dollars in 2024, according to the article.
Particularly notable is the U.S. near-monopoly in high-value-added services. Last year, U.S. companies received more than 144 billion U.S. dollars in intellectual-property royalties and licensing fees, far surpassing other countries, said the article.
American workers are also benefiting from this robust trade. In 2022, U.S. services exports directly created 4.1 million jobs, according to the U.S. International Trade Administration, while around half of the 5.1 million jobs supported by manufacturing exports are actually related to services, it said.
According to the article, WTO economists estimate that by 2040, digitalization will boost the share of services in global trade to 37.2 percent. Digital services have become the fastest-growing sector in global trade, with their value expanding fourfold from 2005 to 2023, reaching 4.25 trillion U.S. dollars, of which the U.S. claims over 15 percent.
All the data prove the Trump administration's claim that Americans are being "ripped off" by foreign countries solely based on the U.S. deficit in traded goods doesn't hold water.
WTO chief warns against "unproductive trade wars" in article about US's win in global trade
WTO chief warns against "unproductive trade wars" in article about US's win in global trade
The Boao Forum for Asia (BFA) has become more indispensable than ever in today's fast-evolving global landscape, according to Tan Kong Yam, an Emeritus Professor of Economics with the School of Social Sciences, Singapore's Nanyang Technological University.
The Boao Forum for Asia 2025 Annual Conference opened on Tuesday in the town of Boao in south China's Hainan Province.
With the theme "Asia in the Changing World: Towards a Shared Future", the four-day forum has attracted nearly 2,000 attendees from more than 60 countries and regions to participate in more than 50 events and many bilateral events, according to the press conference.
"We are currently living through an era of profound global changes, marked by rising geopolitical tension, economic fragmentation, the climate crisis and disruptive technological shift all occurring simultaneously. In such a complex environment, dialog platforms like the Boao Forum for Asia has not diminished in importance, rather they have become even more indispensable than ever before," said Tan.
The BFA provides a distinctive Asian perspective for improving global governance, as well as more opportunities for developing countries and Global South countries to voice their opinions, said Tan.
"Boao has a unique positioning as a high-level dialog platform. Centered on Asia, Boao distinguishes itself from other international forums typically dominated by the West. It provides a valuable opportunity for developing countries, especially those in Asia and the Global South, to make their voices heard. Boao Forum is critical for promoting regional cooperation, especially in key areas such as infrastructure, trade, green development and the digital economy. The forum is a platform for soft power. In an increasingly multi-polar world, Boao helps build trust through dialogs," he said.
Tan also highlighted that Chinese economy shows remarkable resilience, marked by advancements across various sectors, including artificial intelligence.
"The overall outlook for China's economy continues to show strong resilience. Key sectors such as the advanced manufacturing, artificial intelligence, semiconductors and clean energy are receiving robust policy support. The roll-out of the digital renminbi and the development of smart logistics also indicate that China is actively positioning itself for future economic trends. In recent years, China's progress in the field of artificial intelligence has been remarkable. A particular note is the breakthrough achieved by DeepSeek, which stands as a concentrated expression of China's innovation capacity in AI. It is a result of the synergy between China's national technology strategy, vast market scale, institutional advantages and global outreach. It not only signals China's growing global competitiveness in AI, but also position China as a potential driver of the next global productivity revolution," he said.
The BFA was founded in 2001 and offers a platform for dialogue between leaders from government, business, academia and other organizations to discuss economic, social and environmental issues, promote economic cooperation and support the sustainable development of Asia's economy.
Boao Forum more indispensable in current rapidly-changing world: economist
