WTO Chief Cautions of Global Trade “Chaos”
Ngozi Okonjo-Iweala, addressing a press conference organized by the Association of Accredited Correspondents at the UN in Geneva, emphasized that multilateral institutions continue to play a vital role, even as some question their significance in today’s shifting global landscape.
"At a time of geopolitical tensions, international cooperation has never been more needed,” she remarked, underscoring that platforms like the WTO provide opportunities for nations to "come together … to try to handle these problems."
Nevertheless, she underscored that maintaining existing structures without adjustment is no longer viable.
“Multilateral organizations like ours need to change to be fit for purpose,” she stated, highlighting the urgency of institutional reform.
Okonjo-Iweala cautioned that in the absence of the WTO’s rule-based framework, companies would encounter unpredictability regarding tariffs, regulatory requirements, and border processes.
“I’ll be very honest with you, there’ll be chaos,” she said, explaining that countries might otherwise act unilaterally without constraint.
She referenced the wave of protectionism during the 1930s as a warning from history, declaring: "No one wants to see a rerun of a bad movie."
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