Can the WTO Reform? | The Futures Summit

The multilateral trading system is at an inflection point where institutional legitimacy contends with unprecedented geopolitical volatility. In recent decades, the World Trade Organization (WTO) has been a pillar of a predictable global economy, yet the current landscape is increasingly defined by fragmentation. The recent situation in the Strait of Hormuz highlights the vulnerability of global supply chains to conflict, underscoring a pivot toward strategic bilateralism and away from a rules-based trading system.  

Following the 14^th Ministerial Conference (MC14) in Yaoundé, the WTO finds itself at a crossroads. The organization and its rules-based system are under attack, with members and outside voices competing to reshape the WTO’s future in their own image. While 72 percent of global trade is covered by the most-favored-nation (MFN) rule, the practice is eroding as major economies prioritize reciprocity and security over universal standards. The Global South continues to criticize an outdated system that favors the Global North and with the rise of emerging economies, these nations are challenging the status quo and reducing dependency by pursuing South-South cooperation 

This moment, in conjunction with the reevaluation of the global development landscape, offers a unique opportunity for structural reform. Dr. Ngozi Okonjo-Iweala, Director-General of the WTO, is pushing forward “re-globalization” in the WTO, positing that a more inclusive system is the antidote to fragmentation. This fireside chat will explore her vision for a reformed and modern WTO that integrates trade with global health, climate action, and gender equity. The discussion, moderated by Enoh T. Ebong, will examine how the WTO can navigate geopolitical shocks and spearhead mindset shifts to ensure equity.  

The CSIS Futures Summit is made possible through generous support from Chevron Inc. (Founding sponsor), ADM, Cisco, and the Embassy of Denmark in Washington D.C.