WTO Chief: Global Trade System Under Pressure but Still Effective
- SAUDI ARABIA BREAKING NEWS
- Oct 28
- 2 min read
Riyadh, October 28 (Saudi Arabia Breaking News) – Director-General of the World Trade Organization (WTO) Dr. Ngozi Okonjo-Iweala said that the international trade system is currently facing significant pressures and challenges, yet remains active and effective in ensuring global trade stability.
Speaking during a panel titled “Will the World Shift from Free Trade to Strategic Trade?” at the ninth edition of the Future Investment Initiative (FII9) in Riyadh, Dr. Okonjo-Iweala discussed the future of global trade and the transformations shaping the international trading system.
She noted that more than 70% of global trade passes through the WTO framework, highlighting its continued central role in maintaining order and transparency in international commerce.
Dr. Okonjo-Iweala emphasized that the global trade system requires reforms and modernization to keep pace with rapid economic and technological change. She described the current phase as an opportunity to rebuild the system on foundations of flexibility and fairness, particularly amid global economic growth estimated at 4%, and digital trade expansion of 8%, with e-commerce approaching a value of $1 trillion.
She added that artificial intelligence, digital trade, and green commerce represent the main pillars of future global trade. WTO studies, she said, show that AI-related technologies have contributed to 5% growth in international trade, while related sectors have achieved over 40% growth.
Dr. Okonjo-Iweala pointed out that WTO member states are engaged in ongoing negotiations to establish clear standards for data exchange and digital trade regulation, with trade in this sector valued at approximately $3 trillion, covering products such as computers and semiconductors.
She concluded by stressing that international cooperation remains essential to overcoming current challenges, and that continued dialogue and collaboration among WTO members will enhance global trade stability and support sustainable development and growth.
