WTO Chief: "We are experiencing the worst upheavals of the last 80 years"
WTO Chief Ngozi Okonjo-Iweala calls for greater cooperation among member countries to strengthen global trade amid the worst upheavals seen in the past 80 years.
In a recent statement, Ngozi Okonjo-Iweala, the head of the World Trade Organization (WTO), highlighted the unprecedented challenges facing global trade, referring to them as the worst upheavals since World War II. She urged WTO member countries to enhance their collaboration in order to reinforce the global trading system, which she believes is currently in a state of crisis due to various geopolitical tensions and trade disputes.
Okonjo-Iweala pointed out that despite the significant disruptions, the trade system is not completely broken and offers room for improvement. She proposed that member states could form 'coalitions of the willing' within the WTO framework to develop collective rules and make decisions collaboratively, thus revitalizing the organization’s effectiveness. This suggestion reflects her belief that concerted efforts among countries could lead to more resilient global trade practices.
Her remarks come at a time when the WTO faces challenges, particularly from the United States, which has been blocking certain functionalities of the organization. Okonjo-Iweala's call to action seeks to address these issues and encourage members to adhere to WTO regulations, thereby fostering a more stable and predictable trading environment, essential for economic recovery and growth in a post-pandemic world.