Trade and Investment

Path to global deals bumpy as we are in a 'polycrisis', WTO chief warns

The sign on the World Trade Organization headquarters, Geneva, Switzerland

The World Trade Organization itself is having to adapt to the demands of turbulent times. Image: REUTERS/Denis Balibouse

Philip Blenkinsop
Senior Correspondent, Reuters
Emma Farge
Correspondent, Reuters Geneva
Our Impact
What's the World Economic Forum doing to accelerate action on Trade and Investment?
The Big Picture
Explore and monitor how Trade and Investment is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

Trade and Investment

  • Chief of the World Trade Organization, Ngozi Okonjo-Iweala, has expressed hope for global deals made in their Ministerial Conference, despite the rocky path to get there.
  • The "polycrisis" of COVID-19, the war in Ukraine and the global energy and food crisis will affect processes at the conference.
  • Topics to be covered could include: boosting access to COVID-19 vaccines, addressing food security and reform of the WTO itself.
World Trade Organization Director-General Ngozi Okonjo-Iweala
World Trade Organization Director-General Ngozi Okonjo-Iweala attends a news conference ahead of the Ministerial Conference (MC12) in Geneva, Switzerland. Image: REUTERS/Denis Balibouse

World Trade Organization (WTO) chief Ngozi Okonjo-Iweala expressed cautious optimism that more than 100 trade ministers meeting in Geneva would achieve one or two global deals in June 2022, but warned the path there would be bumpy and rocky.

The director-general from Nigeria said the world had changed since the WTO's last ministerial conference nearly five years ago. read more

"I wish I could say for better. It has certainly become more complicated," she told a news conference before the June 12-15 2022 meeting, listing the COVID-19 pandemic, the war in Ukraine, and major food and energy crises as pieces of a "polycrisis".

As a sign of divisions among the WTO's 164 members, some 30-40 nations walked out when Russia's Vice-Minister Vladimir Ilyichev took to the floor.

Earlier, trade ministers from the European Union and 29 other WTO members met with Ukraine to express their solidarity and support and wish to alleviate food supply problems.

Speaking to ministers at the opening, the WTO chief urged them to "show the world that the WTO can step up to the plate" and achieve agreements on subjects such as reducing fishing subsidies, boosting access to COVID-19 vaccines, addressing food security and setting a course for reform of the WTO itself.

"What remains to be decided requires political will - and I know you have it - to get us over the finish line," she said.

However, she warned that it would be challenging.

"Let me be clear, even landing one or two will not be an easy road. The road will be bumpy and rocky. There may be a landmine along the way," Okonjo-Iweala said, adding she was "cautiously optimistic" that the meeting would conclude with one or two deals.

She also cautioned ministers to recognise that compromises are never perfect. The WTO's 164 members take decisions by consensus, meaning a single member can block progress, and negotiations often last years.

The 27-year-old WTO is itself in trouble. Former U.S. President Donald Trump crippled the WTO's Appellate Body that rules on disputes over two years ago, and WTO members have only ever agreed one global deal, the red-tape cutting Trade Facilitation Agreement, in 2013.

In a sign of the global difficulties, the opening session meeting was dedicated to "challenges facing the multilateral trading system".

Campaign groups gathered near the body's lakeside headquarters over the weekend, some denouncing capitalism and others calling for an end to "vaccine apartheid". They were all barred from entering the WTO headquarters on security grounds, according to an email seen by Reuters.


What is the World Economic Forum doing about helping business navigate the trade war?

Have you read?
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Trade and InvestmentGeo-Economics and Politics
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

New report details global trade challenges - and other international trade stories to read this month

Khalid Alaamer

June 21, 2024

About Us



Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum