(MENAFN) Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), delivered remarks during the thirteenth Ministerial Conference of the WTO, held in Abu Dhabi, UAE, emphasizing the resilience and adaptability of the multilateral trading system amidst global challenges. Okonjo-Iweala underscored that despite these challenges, the multilateral trading system, underpinned by the WTO, continues to facilitate a significant portion of global trade, accounting for 75 percent of total trade volume.
During her speech, Okonjo-Iweala highlighted the recent accession of two new members, Comoros and East Timor, to the WTO, while acknowledging the considerable hurdles associated with membership. She revealed that 22 other countries are currently on the waiting list for accession, emphasizing the rigorous process involved in joining the organization.
Addressing the current state of global trade, Okonjo-Iweala expressed caution, noting that the growth rate of global trade in goods may fall below 3.3 percent this year. However, she emphasized that despite potential challenges, global trade remains resilient, with trade volumes maintaining record levels. Okonjo-Iweala's message centered on the importance of flexibility and cooperation in navigating the complexities of the global trading landscape.
While acknowledging the strides made in fostering flexibility within the trading system, Okonjo-Iweala cautioned against complacency, stressing the ongoing relevance and necessity of an open and inclusive trading system. She highlighted the importance of cooperation not only within the WTO but also across the broader multilateral system. Okonjo-Iweala emphasized the imperative of avoiding fragmentation and prioritizing strategic collaboration to address shared challenges and advance global trade objectives.
In conclusion, Okonjo-Iweala underscored the critical role of cooperation in ensuring the continued effectiveness and relevance of the multilateral trading system. She emphasized the need for strategic collaboration to address emerging challenges and reaffirm the principles of openness, inclusivity, and cooperation in global trade governance.
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