Director-General Ngozi Okonjo-Iweala has called for a reimagining of the global trade system in response to growing challenges. Speaking on the multilateral economic architecture's impact over the past eight decades, she emphasized the potential for reinvention to benefit both people and the planet.
In her lecture titled "Delivering on new global challenges: How we can keep multilateral coherence whilst re-imagining the multilateral trading system," Okonjo-Iweala examined how Bretton Woods institutions and the World Trade Organization (WTO) are evolving, particularly at the intersection of climate and trade.
Okonjo-Iweala highlighted that WTO members have an opportunity to bolster global resilience while making trade more inclusive and environmentally sustainable. She argued that existing trade rules should be adapted rather than bypassed, with new regulations needed in areas like environmental protection and electronic commerce. This approach aims to assist developing countries left behind by recent economic integration, promoting interdependence without excessive dependence.
"This means re-imagining coherence as well," she stated. "Trade alone was insufficient in 1944, and trade alone is insufficient to build the more secure, sustainable, and inclusive world we want today." She stressed that future trade policies must align with other issues and support original visions of coherence without misusing trade tools for coercion or undermining competition.
While acknowledging potential obstacles in managing this shift, Okonjo-Iweala expressed optimism about tangible benefits for people as a result of this transformation. "While nothing is ever easy at the WTO, we are moving in the right direction. We will manage what we can manage. Control what we can control. But we will need your help," she concluded.
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