Africa-Press – Kenya. Global trade remains resilient despite many disruptions and protectionism, as some 72% of world trade is still done under World Trade Organization (WTO) terms, the body’s director-general told Anadolu.
Ngozi Okonjo-Iweala, speaking on the sidelines of the 56th World Economic Forum (WEF) held in Davos, Switzerland, said the disruptions could be used as an opportunity to make reforms.
“We have to use the opportunity of this crisis to do a lot of reforms so that the organization can be more responsive, and our members are really working on that,” she said.
The global economy’s growth expectations have been lowered since US President Donald Trump announced “reciprocal” on countries, including on key trading partners in 2025.
The global trade in goods is expected to grow 2.4% in in 2025, falling 0.5% in 2026 due to tariff-induced uncertainties and trade policies, according to the WTO’s latest analysis.
The 30-year-old trade watchdog has been under fire for its failure to renew itself with the changing global economic and trade conditions, and calls for reform from within the organization are on the rise.
Members are said to have called for improvement in decision-making as according to the consensus rule all 166 members must agree to pass new trade deals. A decision, however, is passed if no member present at the meeting formally objects.
