WTO chief warns global trading system faces largest disruptions in 80 years

World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has warned that the global trading system is facing its biggest disruptions in 80 years.

In an interview in Tokyo on Monday, she noted that, while the world has seen tariff actions from the United States, other WTO members have implemented different types of measures. She stressed that the WTO is still relevant, noting that three-quarters of global trade is taking place on WTO terms.

When asked for her thoughts on the effective closure of the Strait of Hormuz, she noted that it is impacting the global trading system "quite substantially." She emphasized its significance, particularly for East Asia, as one-fifth of the world's energy supply goes through the waterway.