Okonjo-Iweala Says 72% of Global Trade Still Operates Under WTO Rules

Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said that despite growing policy uncertainty and rising geopolitical tensions, 72 per cent of global trade is still conducted under the WTO's multilateral trading framework. She noted that the organisation remains central to global commerce, even as the international trading system undergoes significant changes.

Speaking at the 7th Africa Emerging Markets Forum in Abuja, Okonjo-Iweala explained that while protectionist measures and geopolitical rivalries have altered global trade patterns, they have not brought globalisation to an end. Instead, she said the world is witnessing a restructuring of trade, with countries diversifying supply chains and strengthening economic resilience.

She urged African countries to take advantage of the shifting global trade landscape by accelerating industrialisation, improving infrastructure and implementing reforms that would make the continent more competitive. According to her, Africa has a unique opportunity to position itself as a major manufacturing and supply chain hub if the right policies are adopted.

Okonjo-Iweala also highlighted the importance of regional integration through the African Continental Free Trade Area (AfCFTA), saying stronger intra-African trade would help countries reduce external vulnerabilities and create more jobs. She encouraged governments to invest in value addition and export-oriented industries to maximise the continent's economic potential.

The WTO chief maintained that although the multilateral trading system faces unprecedented challenges, it remains resilient. She called for continued reforms to ensure the organisation remains effective in supporting fair, predictable and inclusive global trade in an increasingly complex economic environment.