By Johnathan Paoli
President Cyril Ramaphosa has renewed calls for urgent reform of the World Trade Organisation (WTO), warning that the international trade system is at risk of devolving into one dictated by political power rather than multilateral principles.
“It is incumbent on us all to ensure that the multilateral trading system is strengthened, or we risk the encroachment of a global trade regime based on power dynamics,” Ramaphosa said on Thursday.
In a message to mark the 30th anniversary of the WTO, Ramaphosa criticised protectionist policies by developed nations, warning that unilateral trade actions threatened the stability of the global economy.
“We are witnessing unilateral actions and protectionist policies from some developed economies that undermine our collective, multilateral agreements. It is essential that we work urgently to strengthen and reform the WTO. If we fail to act, the global trade system risks devolving into one dictated by power
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