OMC chief warns: the global trading order has fundamentally changed

Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), stated that the multilateral system and the global order as we know it have fundamentally changed, emphasizing the need for reforming the global trading system.

At the opening of the 14th WTO Ministerial Conference, held in Yaoundé, Cameroon, from March 26 to 29, she mentioned that, although 72% of global trade is conducted under WTO regulations, major uncertainties persist due to conflicts in the Middle East and the impact of U.S. tariffs. Okonjo-Iweala highlighted the issues facing the WTO, including the paralysis of the dispute resolution body and the lack of transparency in subsidy notifications, noting that 102 members have not reported their use of them. This lack of transparency undermines trust among members and hinders agreements for new reforms and regulations.