WTO Chief Calls for Adaptation in Irrevocably Changed Trade Landscape

At the 14th WTO Ministerial Conference, Director-General Ngozi Okonjo-Iweala emphasized the need for adaptation in the evolving global trade landscape. She addressed challenges like the paralysis of the dispute settlement body and the lack of transparency in subsidies, while also noting positive developments like Turkey's lifted objection to investment proposals.

In a significant address at the 14th WTO Ministerial Conference, World Trade Organization Director-General Ngozi Okonjo-Iweala laid bare the challenges facing the multilateral trade system, now altered beyond previous recognition. Highlighting that nations must gear up for reform, she emphasized adaptability as a strategy for future economic stability.

Okonjo-Iweala's speech not only underscored the complexities of the current geopolitical climate but also acknowledged the ongoing influence of WTO rules over 72% of global trade. While AI-related trade appears promising, she raised alarm over global uncertainties driven by Middle Eastern conflicts and US tariffs impacting nations worldwide.

Tackling internal issues, she spotlighted the inert status of the WTO's dispute resolution body and a critical lack of transparency in subsidy notifications, affecting member trust and cooperation. Despite these hurdles, there was a promising note with Turkey's recent decision to support investment in developing countries, marking a potential for renewed collaborative efforts.

(With inputs from agencies.)