WTO Chief Calls for Overhaul in Global Trade Rules Amidst Geopolitical Turmoil

The WTO chief, Ngozi Okonjo-Iweala, urges nations to reform global trade regulations following U.S. tariffs and geopolitical tensions. She emphasizes the necessity for change, calling attention to issues, such as the paralytic dispute-settlement mechanism and transparency in subsidies. The meeting in Cameroon highlights a critical moment for the WTO's future.

The World Trade Organization's chief, Ngozi Okonjo-Iweala, has issued a clarion call for the reform of global trade rules. Speaking in Cameroon, she highlighted the irreversible changes in the world order, accentuated by geopolitical tensions and U.S. tariffs.

During the four-day meeting, the paralysis of the dispute-settlement mechanism and a lack of transparency in subsidies emerged as focal points. Okonjo-Iweala warns that without reforms, the ideal of a rules-based trade system may be in jeopardy. Some delegations advocate for subgroup agreements to overcome consensus stalling.

The stakes are high, as countries face mounting pressure from the U.S.–Israeli war's impact on Iran. Delegates like Swiss Ambassador Erwin Bollinger fear for WTO's relevance, while others, including different trade ministers, contended with the potential fragmentation of global trade, as reform talks continue.

(With inputs from agencies.)