00:00The World Trade Organization calls for a major overhaul of global trade rules,
00:06warning that tariffs and rising geopolitical tensions has permanently altered the previous system.
00:12Director-General Ngozi Okonjo-Ewella points to serious challenges,
00:17including a paralyzed dispute settlement system that continues to weaken the organization's overall effectiveness.
00:26She made the remarks at a WTO meeting held against a backdrop of rising concern over the Iran conflict
00:33and prolonged deadlock in global trade negotiations.
00:36Diplomats and trade officials warned that failure to agree on meaningful reforms
00:41could lead countries to abandon the rules-based system and establish separate trade frameworks.
00:47The U.S. has called for more direct and transparent discussions on reform
00:51while criticizing the organization for continuing to long-standing global trade imbalances.
00:56U.S. Trade Representative Jameson Greer said that allowing more flexibility into the system
01:01through bilateral deals among like-minded smaller groups would be part of the new world order.
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