BR100 Increased By (1.42%)
BR30 Increased By (1.24%)
KSE100 Increased By (1.02%)
KSE30 Increased By (1.18%)
AGHA 8.06 Increased By ▲ 0.05 (0.62%)
BECO 5.27 Increased By ▲ 0.09 (1.74%)
BML 59.31 Decreased By ▼ -1.61 (-2.64%)
BOP 33.78 Increased By ▲ 0.73 (2.21%)
CNERGY 9.60 Decreased By ▼ -0.08 (-0.83%)
CSIL 5.43 Increased By ▲ 0.04 (0.74%)
FCCL 51.84 Increased By ▲ 0.93 (1.83%)
FFL 16.66 Increased By ▲ 0.10 (0.6%)
FNEL 1.22 Increased By ▲ 0.02 (1.67%)
KEL 7.44 Decreased By ▼ -0.08 (-1.06%)
KOSM 5.58 Increased By ▲ 0.11 (2.01%)
LOTCHEM 30.58 Increased By ▲ 0.24 (0.79%)
MLCF 95.78 Increased By ▲ 2.46 (2.64%)
NBP 205.30 Increased By ▲ 9.47 (4.84%)
NCPL 55.11 Increased By ▲ 1.29 (2.4%)
NPL 64.80 Increased By ▲ 1.87 (2.97%)
OGDC 320.70 Increased By ▲ 1.20 (0.38%)
PACE 10.54 Increased By ▲ 0.13 (1.25%)
PAEL 41.40 Increased By ▲ 0.34 (0.83%)
PIBTL 16.70 Increased By ▲ 0.25 (1.52%)
PPL 223.49 Increased By ▲ 0.91 (0.41%)
PRL 41.55 Decreased By ▼ -0.50 (-1.19%)
PTC 68.20 Increased By ▲ 1.09 (1.62%)
SSGC 28.50 Increased By ▲ 0.12 (0.42%)
TBL 10.01 Increased By ▲ 0.18 (1.83%)
TELE 8.71 Increased By ▲ 0.08 (0.93%)
TPL 16.60 Increased By ▲ 0.95 (6.07%)
TPLP 12.13 Increased By ▲ 1.10 (9.97%)
TREET 22.85 No Change ▼ 0.00 (0%)
TRG 57.70 Decreased By ▼ -1.11 (-1.89%)
World

WTO chief calls for trade overhaul to meet new world order

  • The world order and multilateral system we used to know has irrevocably changed. We will not get it back …
Published Updated
By

YAOUNDE: The WTO chief called on countries on Thursday to overhaul global trade rules, telling them the old world order had gone for good, following a year of turmoil sparked by U.S. tariffs and wider geopolitical tensions.

Ngozi Okonjo-Iweala set out a list of problems facing the World Trade Organization - including the paralysis of its dispute-settlement mechanism - at the start of a four-day meeting of the body in Cameroon.

“The world order and multilateral system we used to know has irrevocably changed. We will not get it back … We must look to the future,” the WTO Director-General said.

Ahead of the session, some diplomats and trade officials warned that without an agreement on reforms, countries could start abandoning the ideal of a rules-based global trade system, and set their own regulations.

Middle East war weighs on global trade outlook: WTO

The gathering in Yaounde comes amid soaring concerns over the impact of the U.S.–Israeli war on Iran, and follows years of stalled multilateral trade deals.

Okonjo-Iweala said the body’s problems over decision-making needed to be tackled. Its current consensus-based model has been regularly stalled by objections from some countries. Some delegates are pushing for the organisation to let groups of members form agreements.

She also said there was a lack of transparency over which countries were using subsidies.

“Lack of transparency leads to lack of trust, and that breeds suspicions of unfairness and anti-competitive behaviours,” Okonjo-Iweala told delegates.

This contributed to a “vicious cycle” of mistrust which was holding back members from agreeing new rules and reforms, she added.

The U.S. supports reforms but is resisting a detailed work plan, while the EU, Britain, and China back one, internal reform documents seen by Reuters show.

US move on Venezuela signals drift from WTO rules, experts warn

“If we don’t achieve anything concrete, the WTO will lose its attractiveness and relevancy,” Swiss Ambassador Erwin Bollinger said before the session.

UK trade minister Chris Bryant warned of potential fragmentation if no deal is reached.

“My anxiety is if we ministers don’t get this week right, you might see a disorderly collapse of the WTO and some people writing a new rulebook,” Bryant said.

At the meeting, India is set to oppose U.S. efforts to extend a global ban on cross-border e-commerce duties, which New Delhi says developing nations should be able to impose.

U.S. Trade Representative Jamieson Greer, in a draft statement seen in advance by Reuters, is expected to tell members the U.S. is “not interested” in a temporary extension to the ban, only a permanent extension.

Comments

200 characters remaining