"Director-General Ngozi Okonjo-Iweala stated that the old world order is not coming back, emphasizing the need to look to the future amid significant global trade disruptions."
"US Trade Representative Jamieson Greer described Trump's aggressive trade policies as a corrective response to a trading system that has overseen severe imbalances, deeming the status quo economically unworkable."
"Greer criticized the WTO's most-favoured nation principle, which governs 72 percent of global trade, claiming it has failed to promote reciprocity and is politically unacceptable."
"China's Commerce Minister Wang Wentao defended the most-favoured nation principle, warning that treating member states differently could undermine the global trade system."
The World Trade Organization is at a pivotal point amid global economic turmoil and rising protectionism. Director-General Ngozi Okonjo-Iweala emphasized that the old world order is irretrievable, marking the current disruptions as the worst in 80 years. US Trade Representative Jamieson Greer criticized the WTO's most-favoured nation principle, arguing it has led to imbalances and is politically unacceptable. In contrast, China defended the principle, asserting its importance for maintaining a fair global trade system.
Read at www.aljazeera.com
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