Valerie Picard is the Head of Trade at the global offices of the International Chamber of Commerce. We caught up with her to get some answers to some of our pressing questions about the current state of global trade.

The international trade environment is always changing. However, 2025 has been especially turbulent and unpredictable. How is the International Chamber of Commerce responding to this?

The events of earlier this year certainly represent in many ways a shock: a seismic moment in the global trading system. But they also cannot be viewed in isolation. They are part of a longer trend of rising protectionism, mounting geopolitical tensions and other structural shifts that have been building for more than a decade. The steady increase of trade barriers since the 2007-2008 financial crisis is a clear illustration of this pattern.

At ICC, we see this as a pivotal moment. It’s an opportunity to finally address the long-standing challenges that have been holding the global trading system back.

As the voice of global business community, ICC has long been calling for reform of the multilateral trading system, echoing the call from businesses of every size and sector across the world that predictable, rules-based trade is the foundation of growth, innovation, and resilient supply chains. For years, we have stressed the need for new rules that incorporate the real‑world perspective of businesses, a fully functioning dispute settlement system, and transparency among other things:  

At the WTO’s last Ministerial Conference, we made the case for holistic reform of the WTO in order to put the global trading system back on solid footing. Looking ahead to the next Ministerial Conference, we are calling for a serious commitment from members to revitalize the global trading system – this time with the utmost urgency. There needs to be a structured and coherent process, even if it begins with a representative subset of members. And it can’t wait.

At the same time, renewing the WTO Moratorium on Customs Duties on Electronic Transmissions is critical. It keeps digital trade predictable and free from tariffs, enabling businesses, particularly SMEs, to participate in the global digital economy without added costs or complexity. It also provides the stability and certainty that investors look for, helping economies attract and retain foreign direct investment. Letting the Moratorium lapse would inject damaging uncertainty and unpredictability into the trading system, create new tariff and non-tariff barriers, and risk further fragmenting the digital economy at a time when stability is needed most.

What do you mean by “revitalizing the global trading system”?

It means bringing the global trading system into the 21st century so it delivers for the businesses that use it every day. That’s about restoring trust, predictability, and stability, but also updating the rules so they reflect today’s modern business realities and making sure the system works for businesses of all sizes, everywhere.

You mention the WTO. How do the challenges that this organisation faces fit in with the current state of affairs?

There’s a serious challenge not just to the WTO but to the rules-based system as a whole. That’s a problem, because this framework underpins how global trade actually works. And the reality is, there’s no plan B. Nothing else exists that can provide the stability, predictability, and common rules that businesses rely on every day.

While it’s easy to focus on what isn’t working, let’s not forget that the current system provides incredible value to traders across the world, particularly in developing economies. Research commissioned by the ICC and conducted by Oxford Economics shows that the collapse of the WTO-based system could lead to a 33% decline in non‑fuel goods trade across developing countries, with low-income nations seeing up to 43% losses, and an overall GDP drop exceeding 5%. That is a powerful reminder that today’s multilateral framework, with all its imperfections, continues to be vital.

The reality is that, in today’s geopolitical environment, it would be impossible to recreate the WTO or build anything close to what exists today. From the business perspective, the reason the system was created, which is the certainty and predictability that it offers, is still as relevant and critical today as ever.  Its foundational principles – equal treatment for all trading partners, non-discrimination, and the predictability that comes with clear, enforceable rules-based commitments – remain essential for businesses operating across borders.

Can we talk about sustainability. What are the major issues and are sustainable directives even possible?

First of all, we believe that sustainable directives are achievable but they need political will, real coordination, and meaningful input from business during their design and roll-out. What we don’t need is a patchwork of competing regulations that create uncertainty, complexity and added costs. That’s why we’ve put forward principles for how to design an effective Carbon Border Adjustment Mechanism (CBAM), which have been recognised by governments and international organisations as a practical reference point.

Another area where we have been very active is on the circular economy. We think there is a tremendous opportunity for new business models in the circular economy, but trade barriers are blocking the way. Making the circular economy work requires closer cooperation to align standards and regulations, harmonized laws to enable the smoother flow of secondary materials, technical expertise in policymaking to ensure solutions are practical, and updates to international frameworks such as the Basel Convention to better support circular material flows.

A third priority is removing barriers to environmental goods and services. Ensuring businesses can access the technologies, services, and expertise needed for the green transition is essential to driving sustainable growth and innovation at scale.

You talk about the need for multilateral agreements. But in a previous answer, you described the erosion of the current rules-based system. Those two don’t go hand in hand.

 That’s exactly why we’re talking about revitalizing the system – to make it fit for purpose again. The system isn’t delivering the way it should, and that has to change. There’s a long list of issues that need to be addressed and a serious negotiating agenda to be worked through, but the starting point has to be a shared commitment to rebuild trust and modernize the framework so it can actually deliver for business and the global economy.

Let’s turn our attention to the Netherlands. What role do you see for Dutch companies in revitalizing the system?

The Netherlands has a tremendous amount of trade knowledge and customs expertise. Dutch businesses on the front lines of global trade. As operators in one of the world’s busiest trading hubs, with deep expertise in logistics, customs, and compliance, you see firsthand how rules, disruptions, and uncertainty play out in global supply chains. That gives you a unique perspective – from the realities facing SMEs integrated into global value chains to the opportunities and challenges of digitalization and the green transition.

In today’s environment, governments and businesses need to work together more closely than ever. At ICC, we’re making the case globally for a strong and open multilateral trading system, but that voice is strongest when our members actively engage, bringing their real-world experience to shape practical, credible solutions. Dutch businesses, in particular, are well placed to take a leadership role – not just at home but internationally – by sharing what they see on the front lines, offering practical solutions, and standing up for the system that underpins their ability to trade and invest across borders with confidence.