WTO Aims to Bolster Rule-Based Global Trade Amid Rising Tensions

The World Trade Organisation emphasized the need to strengthen the rule-based multilateral trading system during an informal meeting amid rising geopolitical tensions. The conference, attended by 23 members, discussed challenges such as the need for a functional dispute system and ongoing trade negotiations. Participants reaffirmed their commitment to WTO stability.

During a crucial meeting on the sidelines of the World Economic Forum, the World Trade Organisation (WTO) underscored the necessity of reinforcing the rule-based multilateral trading system amid heightened geopolitical tensions and potential economic fragmentation.

The informal ministerial gathering, organized by Switzerland and attended by 23 WTO members, brought together key stakeholders, including WTO Director-General Ngozi Okonjo-Iweala and private sector representatives, to address current challenges and priorities for the global trade body.

Participants highlighted the importance of maintaining stable regulatory conditions and legal certainty to navigate trade tensions, while calling for substantive negotiations on agricultural trade, electronic transmissions customs duties, and the crucial linkage between trade, environmental sustainability, and climate issues.

(With inputs from agencies.)