Speaking on the sidelines during the World Trade Organisation's 14th ministerial conference in Yaounde, Cameroon on Thursday (March 26) the UN's International Trade Centre executive-director, Pamela Coke-Hamilton, said "a reset (of the WTO) is going to be critical" for the organisation.

This comes after the WTO's chief, Ngozi Okonjo-Iweala, called on countries to overhaul global trade rules, telling them the old world order had gone for good following a year of turmoil sparked by U.S. tariffs and geopolitical tensions.

Ngozi Okonjo-Iweala set out a list of problems facing the organization - including the paralysis of its dispute-settlement mechanism - at the start of a four-day meeting of the body. Some diplomats and trade officials warned that without an agreement on reforms, countries could start abandoning the ideal of a rules-based global trade system, and set their own regulations.

Coke-Hamilton emphasised developing countries would like to have their needs considered within the WTO's negotiations. "They want a credible, time-based, rules-based roadmap for how we're going to get to this next point for MC15 (WTO 15th Ministerial Conference)," she said.

The gathering in Yaounde comes amid concerns over the impact of the U.S.–Israeli war on Iran, and follows years of stalled multilateral trade deals.

Posted by: Alma Angeles/NET25 News