Global free trade is in crisis, World Trade Organization (WTO) chief Ngozi Okonjo-Iweala said Tuesday during a meeting with Japanese Prime Minister Shigeru Ishiba, according to the Associated Press.
Okonjo-Iweala told Ishiba that she has high hopes for Japan as a supporter of open markets.
“Trade is going through very difficult times right now and it is quite challenging. We should try to use this crisis as an opportunity to address the challenges we face and take advantage of new trends in trade,” she said.
As a “champion of the multilateral trading system,” Japan should help preserve, strengthen and reform the WTO, she said.
Later Tuesday, the WTO chief met with Japanese Foreign Minister Takeshi Iwai. The two sides issued a joint statement saying that “in times of uncertainty and upheaval, the value of the multilateral trading system is undeniable.”
In the same statement, Japan said the current trade turmoil “will have a significant impact on the global economy and the entire multilateral trading system,” and called for promoting WTO reforms, including dispute settlement and monitoring the implementation of agreements.

















