'We DO have rules for vulnerable economies to power world trade' - WTO chief at Yaounde ministerial amid rising doubts over 'multilateralism'

"WTO Director-General Ngozi Okonjo-Iweala on Thursday stressed the body's efforts to help smaller economies participate in global trade, despite a challenging environment marked by conflicts, addressing the opening session of the 14th Ministerial Conference in Yaounde. Footage shows delegates gathering at the event, attending the opening ceremony before the officials' speeches. "We cannot deny the scale of the problems confronting the world today. Even before the conflict in the Gulf destabilised trade [...] national governments and international institutions alike had been struggling to navigate rising geopolitical tensions," the body head remarked. "Accompanying these shifts has been an increasingly loud questioning of multilateralism." As the Strait of Hormuz remains a flashpoint in the ongoing Middle East conflict, traditional Middle Eastern trade routes have been disrupted, forcing Gulf nations and regional neighbours to look south for food security. Okonjo-Iweala highlighted the rise of digital trade driven by advanced technologies across sectors, urging that these tools be extended to least developed economies despite current global headwinds. "Digitally delivered services today can overcome the tyranny of distance and time, helping even poor, small and vulnerable economies to trade more, provided they invest in the necessary digital and regulatory infrastructure," she pointed out. "Do we have the rules and approaches that can help the world power this trade? And the answer is yes, we do," the WTO chief emphasised. The World Trade Organisation 14th Ministerial Conference runs from March 26-29 in Yaounde."

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