WTO Calls for Urgent Reforms Amid Global Trade Challenges

WTO head Ngozi Okonjo-Iweala urged reforms and discussions on the MFN concept amid threats to the organization's relevance. She emphasized the need for dialogue as global trade faces disruption. The U.S. and EU propose revising MFN principles to adapt to modern trading systems ahead of a major ministerial conference.

In a critical call for change, the head of the World Trade Organization, Ngozi Okonjo-Iweala, emphasized the urgency for member nations to consider substantial reforms and engage in discussions surrounding the core Most Favoured Nation (MFN) concept as global uncertainties challenge the WTO's efficacy.

Okonjo-Iweala, speaking from Geneva, underlined that maintaining the status quo is not sufficient. She encouraged an open dialogue on foundational principles in response to a shifting geopolitical landscape, especially as the WTO prepares for a ministerial conference in Cameroon.

The organization faces increasing pressure from major players like the U.S. and the EU. Both have questioned the MFN principle's relevance, with tariffs and trade equity becoming contentious issues in a rapidly evolving global economy.

(With inputs from agencies.)