WTO In Need Of Reform To Respond To Modern Challenges - Director General

WTO in Need of Reform to Respond to Modern Challenges - Director General

The World Trade Organization (WTO) is in urgent need of reform to respond to current global changes and be able to assist countries in need, WTO Director General Ngozi Okonjo-Iweala said on Wednesday

MOSCOW (Pakistan Point News / Sputnik - 25th May, 2022) The World Trade Organization (WTO) is in urgent need of reform to respond to current global changes and be able to assist countries in need, WTO Director General Ngozi Okonjo-Iweala said on Wednesday.

"There is a hope along reforming the WTO, which is very important because WTO needs to be fit for the 21-st century challenges; it is a very important organization that needs to deliver for both developing and developed countries," Ngozi Okonjo-Iweala said during a panel discussion at the World Economic Forum in Davos.

According to the WTO chief, the organization most needs reforms in areas of monitoring, negotiating and dispute settlement in order to better meet modern challenges and help developing countries in the upcoming food crisis.

Russia's military operation in Ukraine, which started on February 24 and triggered a wave of harsh Western sanctions, prompted the rise of global uncertainty and instability amid economic aftermath of the COVID-19 pandemic. The military operation and sanctions have had a massive impact on food and energy prices and supply chains worldwide.