Global Mistrust Threatens Trade, Says WTO Chief Okonjo-Iweala

Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), expressed concerns about the growing erosion of trust among nations, which she identified as a significant threat to global trade, investment, and economic stability. During a fireside conversation at the 20th anniversary of the commercial law firm Streamsowers & Köhn in Lagos on Thursday, she noted that this rising mistrust creates uncertainty detrimental to businesses worldwide.

Okonjo-Iweala remarked that countries previously viewed as reliable partners are now questioning each other's intentions, leading to conflicts and missed opportunities. Despite these challenges, she maintained optimism for global cooperation, asserting that no nation can address complex global issues alone.

She highlighted that 72% of world trade continues to operate under WTO rules, indicating resilience in global trade. Okonjo-Iweala also warned that retaliatory trade measures could further fragment commerce and emphasized the importance of political coordination in Africa to capitalize on opportunities in critical minerals and renewable energy.