- World Bank pledges support for client countries
As the global community continues to move from one problem to the other, the Director General, World Trade Organisation, Prof Ngozi Okonjo-Iweala, has lamented that the global trading system is experiencing the “worst disruptions in the past 80 years.”
Speaking yesterday at the opening ceremony of the WTO ministerial conference in Younde, Cameroon, she said: “The world order and the multilateral system we used to know has irrevocably changed. “We cannot deny the scale of the problems confronting the world today.”
The Organization’s 166 members appear deeply divided as trade ministers gather in the Cameroonian capital for the WTO’s top conference, amid global economic turmoil linked to the Middle East war. Okonjo-Iweala’s position is coming just as the World Bank has pledged to support its client countries that are critically affected by the Middle East crisis.
Over four days in Yaounde, WTO members will try to revitalise an in – stitution weakened by geo – political tensions, stalled negotiations, and rising protectionism — against the backdrop of the war in the Middle East, which poses a serious threat to international trade. “The scale of the prob – lems confronting the world today, even before the conflict in the Gulf, de – stabilised trade in energy, fertiliser and food,” OkonjoIweala said.
“National governments and international insti – tutions alike have been struggling to navigate ris – ing geopolitical tensions, intensifying climate pressures, and rapid technologi – cal change. “Accompanying these shifts has been an increas – ingly loud questioning of multilateralism,” she added. Okonjo-Iweala said these disruptions were just one symptom of broader upheavals shaking the in – ternational order created after World War II to pre – vent a repeat of the disas – ters of the first half of the 20th Century.
“It feels appropriate that at the moment when the world is in turmoil with conflict in the Middle East, Sudan, Ukraine, and else – where, at this time of great disruption and uncertainty, we have gathered in Africa to discuss the road ahead for the global trading system,” she said.
“Africa is the continent of the future.” WTO ministerial conferences are typically held every two years. This is the second to be held in Africa, after Nairobi in 2015. Meanwhile, the World Bank Group says it is committed to helping cli – ent countries affected by the Middle East conflict to navigate the crisis.
