SA calls on World Trade Organization to adapt to changing economic times at BRICS Summit in Russia

JOHANNESBURG - Trade and Industry Deputy Minister Zuko Godlimpi said that the World Trade Organization (WTO) must adapt to the changing economic and geopolitical climate, as the 14th meeting of BRICS trade ministers kicks off in Russia.

Godlimpi made the comments during a roundtable discussion in Moscow on Friday.

As countries across the globe try to strengthen trade relations, the WTO continues to draw criticism for inefficiencies to enhance world trade.

The WTO is the largest multilateral trade organisation and the foundation of the global trading system.

But for years it has been labelled as outdated and unable to deal with the complexities of the global order.

Godlimpi said that the WTO must rise to meet the contemporary challenges linked to the climate crisis, food insecurity, and disruptions to the supply chain caused by geopolitical tensions.

He added that the institution's reform must include giving developing countries a bigger share in international trade to ensure economic development.

The BRICS meeting in Russia is running concurrently with the AGOA forum in Washington where Trade and Industry Minister Parks Tau, is leading a delegation of South African leaders on a charm offensive to stay in the good books of the United States.