WTO chief stresses need for reform, warns of trade wars

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WTO chief stresses need for reform, warns of trade wars

WTO chief GENEVA Reuters -- The head of the World Trade Organization stressed the importance of reform of the global trade body to prevent trade wars, but warned that it would be very tough due to high geopolitical tensions.

A 27 year old global trade body, under pressure to prove its relevance, was due to hold a major ministerial meeting this week and a plan to update the trade rule book was one of the key topics.

It was postponed at https: www.reuters. More than 2021 -- 11 -- 26 due to travel curbs linked to the COVID variant Omicron, further dampening hopes that there are major over-covid concerns-sources -- com business wto-postpones -- 2021 -- 11 -- 26, due to travel curbs linked to the COVID variant Omicron. Ngozi Okonjo-Iweala said in an interview at the Reuters Next conference that the WTO was capable of reform. It's another thing to do, whether or not it will be easy to do. I think it will be very tough because of the lack of trust among members. The WTO's top appeals chamber, the Appellate Body, has been disabled since 2019 when the administration of former U.S. President Donald Trump has blocked judge appointments.

Okonjo-Iweala told Reuters that the WTO's dispute settlement system had to be saved to prevent future trade wars, and Washington's legitimate concerns about overreach needed to be addressed.

She warned of the risk of the rules-based trade system being replaced by a power-based system and said smaller countries would lose most of the benefits of the current atmosphere as fraught with geopolitical tensions.

She said it is absolutely important that we support multilateral trade and we don't take it for granted.

Since March, Okonjo-Iweala, director-general, said she saw many opportunities for the Geneva-based trade body, including in the area of climate change, such as the development of a global carbon price.

There is no shortage of ways to go to www.reuters.com, from laying down the law on fossil fuel subsidies to promoting low-carbon supply chains. Com business cop big-climate change job awaits if-it-can-step up - 2021 -- 11 -- 23 in which the World Trade Organization could be at the forefront of the global fight against climate change.