WTO Calls for Urgent Reforms to Boost Global Trade Efficiency

The World Trade Organization (WTO) faces calls for reform, as highlighted by its Director-General Ngozi Okonjo-Iweala at the Future Investment Initiative conference held in Riyadh. She emphasized the need to overhaul the consensus rule that requires unanimous agreement, which slows down decision-making in global trade deals.

Okonjo-Iweala urged the WTO's 166 members to actively engage with the United States, acknowledging valid criticisms and underscoring the biggest disruption in the global trading system in eight decades. She described the system as 'battered but not broken,' reflecting on its resilience despite challenges.

Praising members for not resorting to retaliatory actions amid U.S. tariff impositions, Okonjo-Iweala noted that nearly three-quarters of world goods trade continues under WTO terms. Her remarks highlight both the organization's current challenges and its potential for adaptation and growth.