Okonjo-Iweala: Despite Global Stressors 72% of World Trade Still Under WTO Terms
*Says green trade has exceeded $2 trillion *Remains optimistic about future of free trade Emmanuel Addeh in Abuja The Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala,
Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), has maintained that despite global disruptions such as the Trump administration's tariffs, US-China tensions, and the Iran war's impact on energy markets, 72% of global goods trade continues to be conducted under WTO rules. Speaking to CNN’s Fareed Zakaria, she expressed surprise at the multilateral trading system's resilience and attributed it to businesses' reliance on stability and predictability for investment and trading decisions.
This resilience was also evident in global trade growth, which exceeded expectations at 4.6%, with 42% driven by the rapid growth of AI-related goods. However, Okonjo-Iweala cautioned that the benefits of this growth were concentrated in East Asia and North America and cautioned against overestimating the system's ability to withstand current challenges.
Despite these concerns, she remains optimistic about the future of free trade, emphasizing the need for reform to ensure the system's relevance and robustness.
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