WTO holds crunch meeting amid growing uncertainty over multilateral system
WTO meeting in Cameroon signals the rise of a ‘world minus one’ order
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The World Trade Organization (WTO) held its 14th ministerial conference in Yaounde, Cameroon, amid concerns about the future of the multilateral trading system. Director-General Ngozi Okonjo-Iweala warned of potential "disorderly collapse" if reforms aren't agreed upon, citing global economic turmoil and rising protectionism as major challenges. The US Trade Representative criticized the WTO's "most-favored nation" principle and suggested that smaller, bilateral agreements may be the path forward. The WTO faces pressure to adapt to a changing global landscape marked by trade disruptions and dissatisfaction with the existing system. The conference is considered a critical moment for the organization to address these challenges and redefine its role in international trade.
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AI-ExtractedMFN currently governs 72 percent of global trade.
The WTO met against a backdrop of global economic turmoil sparked by conflict in the Middle East and rising protectionism.
The global trading system was experiencing the worst disruptions in the past 80 years.
Trump’s aggressive trade policies were a corrective response to a trading system that has overseen severe imbalances.
Failure to agree on reforms could see ‘some people writing a new rulebook’.
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