WTO at Crossroads: Reform or Replace?

Former WTO chief Roberto Azevedo warns that unless the WTO undergoes urgent reforms, global trade rules might be redefined outside the organization. Current Director-General Ngozi Okonjo-Iweala stresses the need for member-driven reform in Geneva. Calls for action rise amid concerns of trade-led recession if reform fails.

The World Trade Organization (WTO) faces a pivotal moment as former director-general Roberto Azevedo warns of possible obsolescence if urgent reforms are not enacted. Azevedo's remarks were echoed during a WTO anniversary event attended by trade insiders.

Current director-general Ngozi Okonjo-Iweala emphasized the urgent need for member-driven reform processes to take shape in Geneva ahead of next year's ministerial meeting in Cameroon. Without changes, shared global trading rules may be replaced with new frameworks, potentially excluding current members.

Despite recent efforts to update WTO rules and resolve its stalled appeals court, there remains no consensus among all 166 member countries. Supachai Panitchpakdi, another former director-general, highlighted the gravity of the situation, warning of a significant trade-led recession unless swift reforms are enacted.

(With inputs from agencies.)