One billion people around the world have pulled themselves and each other out of poverty since 1990. It is one statistic former World Trade Organization Chief Economist, Professor Ralph Ossa cited in his delivery of the 2026 MFE Berkowitz Lecture in Trinity College’s Seeley Hall on March 12.
“We know what life was like before free liberalization and we know what it was like after trade liberalization,” Ossa said in his lecture, The Multilateral Trading System: Resilience, Erosion, and the Role of Middle Powers.
Ossa reminded the audience that life before international trade forced everyone to do everything themselves, which was often a poor use of resources and one limitation on the ability to achieve economic growth and international development.
“We all have benefitted from specialization,” he said.
Ossa, who was with the WTO from January 2023 to July 2025, discussed current trade conditions brought on by global uncertainty, tariff volatility, and the context of a new protectionism rising from within political movements in the United States and elsewhere.
“What I found particularly interesting was Professor Ossa’s remark on the potential for the United States to impose tariffs on intangible goods such as streaming services and software, given how deeply embedded these technologies are in global commerce,” said incoming MFE student Catherine Champion. “This reminded me of the broader concept of technological sovereignty and how many European countries, middle powers, are attempting to build their own digital technologies to reduce their dependence on U.S. private sector firms such as Microsoft, Zoom, and Google.”
Ossa believes that these conditions make the WTO and its work more relevant to ensuring the benefits of international trade continue to improve life for everyone.
“From Professor Ossa’s lecture, I came to understand the World Trade Organization’s role in global economic development, particularly the importance of plurilateral agreements in ensuring resilience against protectionist pressures and fragmentation in the global trading system,” said Eduardo Mosca, a current MFE student who attended the lecture.
That relevance, however, relies on more stable countries, like Canada, to continue to emphasize the need to honour trade agreements.
“Ossa’s most compelling point was that the multilateral trading system relies on countries believing the rules are still being followed,” said Maria Bacanurschi, another current MFE student. “His emphasis that middle-power alliances can sustain the system, despite challenges like U.S.-China tensions, highlights that the WTO remains adaptable rather than obsolete.”
The lecture challenged students on work placements, degree candidates and recent alumni working in finance to apply what they have learned to current conditions.
“I found Professor Ossa’s perspective that the trading system is not broken, but rather being stress-tested, to be particularly compelling,” said Joyce Xue, the MFE student who won the Varouj Aivazian Award the evening of the lecture. “It highlighted how the future of the system will largely depend on how countries choose to respond to current pressures.”
“The contrast from financial markets’ perspectives and discussions on last year’s tariff-induced volatility was quite interesting and forced me to apply both frameworks learned from work and the MFE,” added Mohsin Ghani a graduating MFE student.
According to Professor Jordi Mondria, Director of the MFE program, Ossa’s lecture helped those listening to fully contextualize recent and on-going events using all the factors at play when trade economies respond.
“The lecture was extremely well received because it combined clear economic ideas with very concrete discussion of negotiations, hold ups, why the WTO still matters, and the risks it faces today,” Mondria explained.
Ossa now holds the UBS Foundation Professorship in Economics at the University of Zurich where he continues to emphasize the necessity of global cooperation.
“Professor Ralph Ossa is a true global public servant. His work at the WTO bridged the work of those who work in academia with feet-on-the-ground policy makers,” said Professor Peter Morrow whose research and teaching specializes in international trade. “He rightfully emphasized the value of multilateral institutions such as the WTO but also rightfully reminded us that their continued existence requires work and cannot be taken for granted.”
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