WTO must adapt to changing economic, geopolitical climate, says Ramaphosa
The organisation is the largest multilateral trade organisation and the foundation of the global trading system.
President Cyril Ramaphosa addresses the G20 Finance Minister and Central Bank Governors' Meeting at the CTICC in Cape Town on 26 February 2025. Picture: GCIS
JOHANNESBURG - President Cyril Ramaphosa said the World Trade Organisation (WTO) must adapt to the changing economic and geopolitical climate as the United States (US) turns the global economy on its head.
The organisation is the largest multilateral trade organisation and the foundation of the global trading system.
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But for years, it’s been labelled as outdated and unable to deal with the complexities of the changing global order.
Calls for the institution’s reform include giving developing countries a bigger share in international trade to ensure economic development.
Ramaphosa made the comments on Thursday during the 30th anniversary of the WTO.
"WTO reform must be development-centric. Consensus-based decision making in the WTO must remain paramount for all of us."