WASHINGTON (Chatnewstv.com) — The head of the World Trade Organization, Ngozi Okonjo-Iweala, cautioned Monday that the global body is often taken for granted despite being fundamental to the smooth functioning of international commerce.
Speaking at the Fortune Global Forum, Okonjo-Iweala compared the WTO to essential infrastructure that is easily overlooked.
“The WTO is one of those organizations that has the rules that make world trade work, but it’s like your plumbing — you don’t think of it until a pipe breaks,” she said. “Everybody takes the WTO and world trade rules for granted. But if the organization were not there with these basic rules, there would be chaos for those who trade — businessmen and women alike.”
Okonjo-Iweala, the WTO’s Director-General, noted that the institution’s influence extends beyond setting tariffs, encompassing crucial areas such as customs valuation, trade agreements, and intellectual property (IP) rights.
She highlighted the increasing importance of intellectual property in global commerce, reporting that in 2024, more than $500 billion was earned globally from payments for patents and IP. Of that amount, $144 billion went to the United States and about a quarter went to the European Union, with the rest shared across other regions.
Okonjo-Iweala cited these figures as evidence of how vital WTO rules are in supporting innovation and ensuring fair trade practices.
Reflecting on her historic appointment as the first woman and first African to lead the organization, Okonjo-Iweala said she feels both proud and humbled, but stressed that competence should remain the primary criterion for leadership roles.
“What matters most is having the right person for the job,” she said, while acknowledging that capable women have long been underrepresented in such global leadership.
