WTO Chief Calls for Urgent Institutional Reforms

The World Trade Organization's Director-General, Ngozi Okonjo-Iweala, has called for urgent reforms within the organization, particularly concerning its consensus decision-making rule. Addressing the Future Investment Initiative conference, she highlighted the unanimity requirement as a factor slowing down progress on new trade deals.

The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, urged for urgent reforms within the organization during the Future Investment Initiative conference in Riyadh on Tuesday.

Okonjo-Iweala highlighted the organization's consensus rule, which mandates unanimous agreement among members to finalize new trade deals, as a significant bottleneck in decision-making processes.

She emphasized the necessity to reform how the WTO operates, stating, "We need to reform the system, we cannot be complacent." The director-general called for changes to enhance efficiency and responsiveness in global trade agreements.

(With inputs from agencies.)