In 1999, as I was preparing to appear before the European Parliament to make my case for becoming the European Union Trade Commissioner, I decided to use the term ‘harnessing globalization’. It was intended to capture the ultimate objective of international trade and economic policies at the turn of the century. It became central to my tenure as EU Trade Commissioner. It continued to be my guiding principle during my eight years as Director-General of the World Trade Organization (WTO). Globalization continues to unleash incredible transformational power in our societies, thanks in particular to scientific and technological advances. But this power needs to be harnessed, to be channelled, to be tamed, if we want globalization to be for the benefit of all.

Trade has been an extremely efficient conveyor belt of globalization. It has been a powerful instrument for promoting growth and development, for reducing poverty and for improving standards of living. And the WTO has been an essential instrument in harnessing global trade. It has been the key forum where trade opening has been negotiated and where the rules governing global trade and trade disputes among countries have been set. It is a successful example of global governance.