The World Trade Organization (WTO) is convening its next ministerial conference in Yaounde, Cameroon, from March 26–29, amid mounting global trade tensions, US tariffs, and disruptions linked to the Middle East war.
Key points:
- Purpose of the meeting:
- The WTO’s ministerial conference is its highest decision-making body, usually held every two years.
- Members aim to develop a roadmap for reform, as the organization has struggled with rising protectionism, stalled negotiations, and an increasingly fragmented global trading system.
- Director-General Ngozi Okonjo-Iweala called the situation a “wakeup call” and stressed the need for the WTO to remain “an island of stability.”
- Challenges ahead:
- Two years after the Abu Dhabi ministerial failed to address issues like fisheries and agriculture, the Yaounde meeting faces even tougher hurdles.
- The WTO operates by consensus, making decisions slow and difficult.
- Its dispute settlement system has been crippled since 2019 due to US blocking of judge appointments.
- Geopolitical tensions:
- US criticism: Washington rejects the current reform proposals, questioning rules such as the most-favoured nation (MFN) principle, which extends trade advantages to all members.
- EU and UK warnings: Without reform, the WTO risks irrelevance or further fragmentation of the global trading system.
- China and developing countries want the MFN principle preserved as a core rule.
- Context:
- Trump’s return to the White House and aggressive trade policies have undermined multilateralism, fueling uncertainty and strain on the WTO.
- Experts describe the current juncture as existential, with calls for reform growing urgent.
Analysts expect Yaounde to be more about limiting damage than achieving breakthroughs, but the meeting is seen as a pivotal moment for preserving the WTO’s relevance in global trade.
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