Overview
- Director-General Ngozi Okonjo-Iweala says the world is experiencing the worst trade disruptions in 80 years.
- Nearly three quarters of global goods trade still follows WTO rules, with most members applying the rulebook.
- She proposes allowing groups of members to jointly develop rules and take decisions to restore the body's functionality.
- The organization is reported to be partially blocked by the United States, and she still values U.S. participation as a potential driver of reform.
- Energy markets face added pressure as reporting says Iran has effectively closed the Strait of Hormuz after attacks by the U.S. and Israel, lifting oil prices on a route that typically carries about 20% of global oil and gas shipments.