In a recent exclusive interview, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala issued a stern warning against the resurgence of unilateralism in global trade policies. Drawing parallels to the protectionist measures of the 1930s that contributed to the Great Depression, she emphasized the potential dangers of nations acting in isolation.
“The lessons from the past are clear,” Okonjo-Iweala stated. “Unilateral actions can lead to economic downturns that affect not just individual countries but the entire global community.”
She stressed the critical importance of international cooperation, particularly highlighting the impact on developing and poorer nations. “Global challenges require global solutions,” she said. “For the most vulnerable economies, multilateralism isn’t just beneficial—it’s essential.”
Okonjo-Iweala commended China for its robust support of the multilateral trading system. She noted China’s transparent engagement during trade policy reviews within the WTO framework. “China has demonstrated a commitment to openness and constructive dialogue,” she remarked. “Their participation sets a positive example for other members.”
The Director-General urged all WTO members to prioritize dialogue and consultation to resolve trade disputes. “Conflict in trade relations serves no one,” she asserted. “Through cooperation and understanding, we can build a more stable and prosperous global economy.”
Reference(s):
cgtn.com
