Director-General Ngozi Okonjo-Iweala Highlights WTO’s Importance
GENEVA — The World Trade Organization (WTO) reaffirmed its significance on Friday, with Director-General Ngozi Okonjo-Iweala stressing the organization’s commitment to reform regardless of political shifts. Amidst concerns over the WTO’s perceived relevance, Okonjo-Iweala emphasized the pivotal role it plays in governing world trade.
Okonjo-Iweala dismissed notions of the WTO’s insignificance, asserting that the organization’s mechanisms underpin a substantial portion of global trade. She noted that 75% of world trade operates under WTO terms, a fact often overlooked by critics.
At an upcoming gathering in Abu Dhabi, WTO member countries will convene to address pressing issues such as a potential agreement to curb harmful fishing subsidies and extend trade duty suspensions on digital goods. Despite facing challenges like the paralysis of its appeals court due to U.S. opposition, the WTO remains steadfast in its mission to uphold international trade standards.
Okonjo-Iweala, who has navigated diplomatic tensions and economic uncertainties, underscored the importance of sustaining WTO regulations to mitigate trade conflicts. In a tumultuous global landscape marked by trade wars and economic disparities, she emphasized the necessity for ongoing reforms to ensure the WTO’s enduring relevance.