The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, has called for reforms to the WTO’s 30-year-old decision-making system to make global trade agreements faster and more effective. She made the call on Tuesday at the Future Investment Initiative conference in Riyadh.
Okonjo-Iweala said the WTO’s consensus rule, which requires unanimous agreement among all 166 member countries, often slows down critical decisions. She urged members to embrace change and engage constructively with the United States on its criticisms of the organisation.
Also Read: WTO Chief Urges NDDC to Deliver Lasting Economic Solutions for Niger Delta
The WTO chief described the current global trading system as facing its biggest disruption in 80 years, but stressed that it remains “battered but not broken.” She praised member countries for avoiding retaliatory trade measures despite recent global tensions.
Okonjo-Iweala noted that nearly three-quarters of global goods trade still operate under WTO terms, which she said demonstrates the enduring importance of multilateral cooperation in global commerce.
Leave feedback about this
You must be logged in to post a comment.