The global trading system faces its worst disruptions in the past 80 years, according to World Trade Organization Director-General Ngozi Okonjo-Iweala.
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She made the stark assessment as the WTO ministerial conference opened in Yaoundé, Cameroon.
Geopolitical Conflicts Shake Trade Foundations
Ongoing wars in the Middle East, Sudan, and Ukraine have deepened the crisis.
These conflicts threaten international supply chains and economic stability worldwide.
Pre-Existing Pressures Amplify the Chaos
Even before recent Gulf tensions, trade in energy, fertiliser, and food was already destabilised.
Governments and institutions struggle with rising geopolitical strains and other global challenges.
Multilateral System Under Severe Strain
Okonjo-Iweala declared that the familiar world order and multilateral trading system have irrevocably changed.
She urged members not to deny the massive scale of problems confronting the world today.
Protectionism and Stalled Talks Weaken WTO
Rising protectionism and deadlocked negotiations have left the 166-member body weakened.
Ministers gathered for four days to seek ways to revitalise the institution amid turmoil.
Africa Hosts Key Discussions on Future Trade
The conference, the second in Africa after Nairobi in 2015, highlights the continent’s potential.
Okonjo-Iweala described Africa as the continent of the future during this time of uncertainty.
Calls for Reform Amid Broader Upheavals
Broader shifts include intensifying climate pressures and rapid technological change.
These factors accompany loud questioning of multilateralism itself.
Hope for Revitalisation in Challenging Times
Trade ministers aim to address to x weakened system and chart a new path forward.
The gathering occurs against a backdrop of serious threats to global commerce.