Okonjo-Iweala calls for reform of WTO’s trading system, says it’s not flexible enough

Okonjo-Iweala calls for reform of WTO’s trading system, says it’s not flexible enough

Ngozi Okonjo-Iweala, director-general (DG) of the World Trade Organisation (WTO), says the trading system of the WTO needs to be reformed to make it more flexible.

Okonjo-Iweala spoke on Tuesday while addressing criticism of WTO’s trade system by the United States during an interview with Arise TV on the sidelines of the Future Investment Initiative in Riyadh, Saudi Arabia.

The DG acknowledged the validity of criticisms levelled against the global body, particularly by the United States, regarding its operational rigidity.

She said the complexity of the WTO’s structure, which includes 166 members utilising a consensus-based decision-making system, has led to issues with the speed of enacting new rules and agreements.

“Well, one of them is, this is specifically of the WTO, and I share it. The US feels the WTO is not flexible enough. It’s too inflexible. You can’t get decisions made quickly because, you know, it’s a consensus decision-making system with 166 members.

“Consensus is good because it gives the smallest member the same power as the largest,” the former minister said.