Urgent Call for WTO Reform: Breaking Consensus Deadlock
The World Trade Organization's leader is urging reforms, especially criticizing the unanimity requirement for decision-making, which hinders progress. Ngozi Okonjo-Iweala emphasizes that progress is vital and the current consensus rule significantly slows down new trade agreements, highlighting the need for accelerated reform initiatives.
In a compelling address, the head of the World Trade Organization, Ngozi Okonjo-Iweala, urged immediate reforms within the institution. She pinpointed the consensus rule, which requires unanimous agreement from all member countries to finalize new trade deals, as a critical impediment to timely decision-making.
Speaking at the Fortune Global Forum in Riyadh, Okonjo-Iweala emphasized that the WTO must witness significant reform to stay relevant and effective in global trade. The current unanimity system, she argued, stifles progress and needs to be overhauled to foster agility.
The need for enhanced operational efficiency at the WTO, according to Okonjo-Iweala, is pressing as it affects the organization's capability to adapt and respond to evolving global trade dynamics. She called for member states to embrace such reforms swiftly to prevent stagnation.
Google News