Geneva: Speaking at a press conference at the WTO headquarters in Geneva, Okonjo-Iweala cautioned that failure to reform the multilateral trading system could lead to “chaos,” threatening the stability and predictability of international trade.

“We are meeting today at a pivotal point, not only for the World Trade Organization, but for the entire multilateral system,” she said, underscoring the gravity of the moment.

The Director-General stressed that without meaningful reform, global commerce would face serious uncertainty. She painted a stark picture of what a breakdown in the system could mean for businesses worldwide.

“A company will send goods somewhere without knowing how those goods will be valued when they arrive at customs,” she explained. “You won’t know how your goods will be valued before tariffs are applied. You won’t know if you’ll make a profit or not.”

She further warned that exporters could face unfamiliar and unpredictable regulations upon arrival of their shipments. “When your goods arrive, you’ll face rules you know nothing about,” she added, highlighting the risks of operating in a fragmented and uncoordinated trade environment.

Okonjo-Iweala emphasized that reform is essential to ensure the WTO remains relevant in a rapidly evolving global economy. “We must change to keep pace with the times,” she said, calling on member states to work collectively to strengthen and modernize the organization.

The issue of reform is expected to take centre stage at the WTO’s upcoming ministerial conference, scheduled for March 26 to 29 in Yaoundé, Cameroon. Member countries are expected to deliberate on proposals to restore confidence in the rules-based trading system and address long-standing institutional challenges.