Reimagining Global Trade: ICC’s Call for a Multilateral Revival

At the recent CEO Insight forum under the theme "Global Trade: Where Are We Heading?", John W.H. Denton AO, Secretary General of the International Chamber of Commerce (ICC), delivered a thought-provoking address on the future of international trade. His message was clear: the global trade system needs revitalization—rooted in fresh thinking, regional leadership, and renewed commitment to multilateralism.

“It’s time to rethink—not just subsidies or geopolitical tensions, but how the WTO operates and how we enable change,” said Denton.

Key Focus Areas for Global Trade Reform

• Rethinking WTO Governance: The WTO’s consensus-based model has slowed down progress. Denton points to APEC’s Pathfinder Approach as a more flexible mechanism—allowing willing countries to move forward without waiting for unanimity.

• Convening a Track 1.5 Dialogue: ICC is preparing a high-level forum this October in Singapore, coinciding with its board meeting. The dialogue will bring together government officials, academics, and business leaders to reaffirm the core principles behind trade frameworks like the African Continental Free Trade Area (AFTRA) and the Regional Comprehensive Economic Partnership (RCEP).

• Reasserting Multilateral Values: ICC does not seek to integrate all systems, but to reassert the shared principles that uphold a fair and functioning global trade system.

• Toward MC14: The upcoming WTO Ministerial Conference (MC14) in Cameroon will be a key platform to launch a “Revitalization Round”—an effort to modernize and restore the credibility of multilateral trade.

A Leadership Opportunity for ASEAN and Thailand

Denton emphasized ASEAN’s pivotal role, urging Thailand to take a leading position in shaping the future of global trade. “You have both the interest and the right timing. This is not only necessary—it’s the right thing to do.”

Business Must Lead

In an era of uncertainty, Denton reminded attendees that business cannot wait. “As businesspeople, we act,” he declared. Through this global initiative, ICC aims to drive momentum where diplomacy alone has stalled—ensuring the private sector plays a central role in revitalizing the world trade system.

Following the address, Mr. Benjamin Fingerle, Managing Director & Partner of BCG engaged Mr. John W.H. Denton AO in a dialogue focused on the future of global trade, innovation in dispute resolution, and how digital platforms are transforming SME connectivity.

🔹 Q1: How does arbitration fit into the broader trade system? Is it more of a back-end tool?

John Denton: I disagree slightly. While arbitration is often seen as a back-end mechanism, in reality, it's part of the front-end of deal-making. In many cases, deals won’t even happen without having a solid dispute resolution mechanism in place. Arbitration provides trust and enforceability, which are crucial at the beginning of any transaction.

🔹 Q2: What tools or platforms have the ICC developed to support trade and dispute resolution more effectively?

John Denton: We’ve just launched a platform called One Click. It consolidates all ICC services—dispute resolution, trade tools, and market access—into a single digital platform. It enables not only market entry but also market matching for businesses. Importantly, the platform is already available in Thai, and we’re confident it will be scalable and cloud-based for the next generation of users.

🔹 Q3: How does this platform support SMEs, particularly in emerging markets like Thailand?

John Denton: The platform allows Thai SMEs to connect directly with SMEs in other regions, such as Africa. It’s about opening new market access points quickly and efficiently. We’re investing in a more advanced, cloud-based version of the platform that will enhance value-added services specifically for SMEs.

🔹 Q4: From your global perspective, what is the economic significance of SMEs?

John Denton: It’s a hard economic fact—SMEs account for about 60% of economic activity globally. Demographic trends, urbanization, and rising standards of living are creating new demand. These dynamics shift economies from being export-driven to consumption-driven, which creates even more room for SME growth.

🔹 Q5: Do you think governments are fully recognizing this opportunity for growth through SMEs?

John Denton: Not enough. What surprises me is that policymakers and economic strategists are not paying more attention to the opportunities created by these shifts—particularly the rise of a strong, demanding middle class. This represents a major opportunity for foreign direct investment (FDI) and economic reform.

🔹 Q6: Why is Thailand important in ICC’s global strategy?

John Denton: We’re actually building our Global Travel & Tourism Hub out of Thailand. It’s a strategic location for us because it represents a real-world example of a country that’s transitioning into a consumption-led economy. Supporting Thailand’s regional leadership aligns with our mission to promote inclusive and sustainable global trade.