DG Okonjo-Iweala urges “steady nerves” amid trade tensions; ministers discuss WTO reform
With trade tensions rising as a result of tariff threats, DG Okonjo-Iweala's recommendation to leaders was to "keep steady nerves" and avoid hasty reactions as the global trading system faces the worst disruptions in its 80-year history.
On 22 January, DG Okonjo-Iweala took part in an informal ministerial meeting hosted by Swiss President Guy Parmelin and facilitated by Switzerland's State Secretary, Helene Budliger Artieda. At the meeting, trade ministers discussed priorities for the 14th WTO Ministerial Conference (MC14), to be held in Yaoundé, Cameroon in March, and exchanged views on issues related to WTO reform.
After the discussion, the Director-General welcomed the positive atmosphere and the convergence among those present regarding the need to advance reform of the WTO. According to a summary of the meeting released by the Swiss Government, "Ministers stressed their commitment to engage in a meaningful exchange at MC14 that can deliver the political guidance required to strengthen and preserve the rules-based multilateral trading system."
DG Okonjo-Iweala also participated in a session on 23 January titled "Many Shapes of Trade", during which she underlined that among the fastest-growing areas of global trade are services trade, which is projected to grow 4.4 per cent in 2026, and green trade, which reached US$ 2 trillion.
"I dream about an organization that can be flexible enough so that members can seize these opportunities," she said.
DG Okonjo-Iweala addressed concerns about the impact of new bilateral and regional agreements on the WTO's role, highlighting that the majority of these agreements make use of the WTO platform and do not compete with the organization.
On 23 January, DG Okonjo-Iweala also talked about the potentially beneficial impact on trade of artificial intelligence (AI) during a panel titled "Global Economic Outlook". She said, "AI will help reduce trade costs and increase productivity," but cautioned that the impact may be lessened if AI adoption is uneven across different parts of the world.
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