WTO CHIEF URGES REFORM, WARNS OF 'CHAOS' IF GLOBAL TRADE SYSTEM COLLAPSES

GENEVA, Feb 12 (Bernama-Anadolu) -- The head of the World Trade Organisation (WTO) warned on Wednesday that the global trading system could descend into "chaos" without common rules, urging members to reform the institution to keep pace with geopolitical tensions and rapid technological change, Anadolu Ajansi reported.

Ngozi Okonjo-Iweala, speaking at a media briefing of the Association of Accredited Correspondents at the UN in Geneva, said multilateral organisations remain essential despite questions about their relevance.

"At a time of geopolitical tensions, international cooperation has never been more needed,” she said, adding that fora such as the WTO allow countries to "come together … to try to handle these problems."

But she stressed that the status quo is not sustainable.

“Multilateral organisations like ours need to change to be fit for purpose,” she said.

Okonjo-Iweala warned that without the WTO's rules-based system, businesses would face uncertainty over tariffs, product standards, and customs procedures.

“I’ll be very honest with you, there’ll be chaos,” she said, noting that every country could simply do as they pleased.

She pointed to the protectionist spiral of the 1930s as a cautionary example, saying: "No one wants to see a rerun of a bad movie."

The director general said a ministers' meeting later this year is expected to endorse a work programme for "comprehensive reform or deep reform" rather than immediate solutions.

She also pointed to broader global shifts and inequality as drivers of tensions that require updated rules and cooperation.

The WTO, she added, must not only address weaknesses but also seize opportunities in areas such as digital and green trade.

"We have not only to be resilient, but we also have to be robust … and to be robust, we must reform," she said.

-- BERNAMA-ANADOLU