WTO chief defends agency as U.S. tariffs rattle global trade
Ngozi Okonjo-Iweala has called for urgent reforms to restore stability and predictability in global trade, as pressure mounts from member states divided over trade equity, dispute resolution, and institutional transparency
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00:00Ngozi Okonjo-Iwala has called for urgent reforms to restore stability and predictability in global trade as pressure mounts from member states, divided over trade equity, dispute resolution and institutional transparency.
00:17I think the role of the WTO is to provide stability and predictability in world trade.
00:26And business people trade, and many of the business people from all our members, they understand very well the value of the WTO.
00:36Business people who trade want predictability and stability.
00:40They want to know that when their goods go from one country to another, that they are going to arrive and they will know how the goods will be valued, what tariffs to expect,
00:51and therefore how marketable their goods will be in the country that is importing those goods and whether they'll make a profit out of it.
01:00So that's the predictability of global rules is what the WTO stands for, under stability.
01:06In an interview Okonjo-Iwala defended her agency's role in global trade.
01:11US tariffs have appended markets leading to criticism of the WTO.
01:16And so I think that this is what is important.
01:21People take the system for granted.
01:23They expect to walk into a store and just find the goods they want to buy sitting there.
01:28But the rules that underpin that trade that brings the goods is not well known.
01:35Now, we also need to admit that you talked about reforms, that the WTO needs to listen to criticisms.
01:45And the WTO is made up of its members.
01:49And many of them are criticizing one thing or the other about the way it functions.
01:53This is a golden opportunity for members to say,
01:58OK, global trade is in a crisis.
02:00Let's seize the opportunity to do the reforms and tackle the challenges of the system and make it even better.
02:06Okonjo-Iwala's remarks come at a time of heightened global anxiety over US trade policies,
02:13which have reignited fears of a broader trade war.
02:20Although I'm in such a sense of financial weakness,
02:23And the first one you should be able to do with making it a wonder,
02:24Like, bear with that fear.
02:25To agree more,
02:27Because of the fear of taking things out,
02:29It has been so important that the people have not been introduced.
02:32If you'd like to feel like an overwhelming thing,
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