The World Trade Organization has called for reform of the global trading system, although no significant progress is expected due to numerous disagreements.
The Director-General of the Nigerian Organization, Ngozi Okonjo-Iweala, said at the beginning of the first day of the thirteenth Ministerial Conference held in Abu Dhabi, that the international community should engage in greater cooperation and reform of the global trading system.
She believed that the world today is a more difficult place to live in compared to what the situation was two years ago the last time the trade ministers of the member states of the World Trade Organization met, according to Agence France-Presse.
Okonjo-Iwala stated that tensions have escalated between the West on the one hand and Russia and China on the other in recent years.
It warned of the emergence of signs of “fragmentation” in the global economy threatened by geopolitical tensions, noting that it is likely that the volume of global trade in 2023 will be less than the organization’s expectations announced last October.
UAE Minister of State for Foreign Trade Thani Al-Zeyoudi called for this conference to be a “launching platform… for reform of the World Trade Organization.”
This ministerial conference is considered the last opportunity to achieve progress in negotiations in this regard before the US presidential elections in November, in which Donald Trump is likely to win.
It is likely that the trade ministers of the member states of the organization will make progress on the issue of facilitating aid to developing countries.
This comes the day after 120 member states and regions of the organization announced that they had finalized an agreement aimed at facilitating investments in developing countries by improving transparency and removing bureaucratic obstacles.
The post The Last Chance…Calls to reform the global trading system! appeared first on Ain Libya | Latest Libya news.
