The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has called for an overhaul of the 30-year-old global trade body, warning that its consensus-based decision-making system is hampering progress on key trade deals.
Speaking on Tuesday at the Future Investment Initiative Conference in Riyadh, Saudi Arabia, Okonjo-Iweala said the WTO cannot afford to remain stagnant in a rapidly changing global economy.
“We need to reform the system, we cannot be complacent,” she said.
“Our consensus decision-making, which effectively requires unanimity, slows down the pace of decision-making and makes it difficult to reach agreements.”
Calls for Engagement and Cooperation
Okonjo-Iweala urged the WTO’s 166 member countries to constructively engage with the United States, acknowledging that several of Washington’s criticisms of the organization were valid and deserving of attention.
The former Nigerian finance minister emphasized that meaningful reform will require both flexibility and renewed commitment from all member nations to restore trust and strengthen the multilateral trading system.
“Battered but Not Broken”
Describing the current state of global trade as facing its biggest upheaval in 80 years, the WTO chief said the organization remains resilient despite mounting challenges.
“The global trading system is battered but not broken,” Okonjo-Iweala said.
“The fact that almost three-quarters of world goods trade is still conducted under WTO terms is remarkable, especially considering the rise in trade tensions and tariffs.”
She also praised WTO members for showing restraint by avoiding widespread retaliatory measures in response to U.S. President Donald Trump’s tariffs on trading partners, noting that such restraint had helped maintain a degree of stability in international commerce.
