WTO chief calls for strong reforms to energize world trade body
(VOVWORLD) -WTO Director General Ngozi Okonjo-Iweala called for drastic reforms to revive the world trade body amid the organization’s declining role.
 The logo of the World Trade Organization at its headquarters in Geneva, Switzerland (Photo: AFP/VNA) |
Ngozi addressed the World Trade Organization's (WTO) 13th Ministerial Conference, WTO’s largest conference in the past two years, which opened on Monday in Abu Dhabi, United Arab Emirates.
She noted that last year’s global trade volume in goods decreased 0.8% compared to the forecast given by the WTO last October, adding with the recent downward trend, the volume is expected to continue dropping to 3.3% this year.
According to Ngozi, compared to the previous conference two years ago in Geneva, global trade is facing greater challenges including escalating geopolitical tensions, the spread of conflicts in many regions of the world, and instability in many vital maritime routes.
"In the light of this reality, we need the WTO to stay strong. We need to keep reforming and energizing the WTO so that it can contribute to trade in the years ahead. We need to fully grasp the potential of service trade and digital trade, accelerate trade for the green transition, and support socio-economic integration," said Ngozi.
Ministers and representatives of 164 WTO members focused on finding agreements on overfishing and extending the temporary suspension of taxes on the digital media and agricultural sectors.
Also high on the agenda will be a number of complex topics including reform of the WTO apparatus, trade disputes between the US, Europe and China, and complaints from African countries about cotton production and trading activities throughout the world.