14th WTO ministerial conference held in Cameroon amid calls for urgent reform

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14th WTO ministerial conference held in Cameroon amid calls for urgent reform

2026-03-28 16:51 Last Updated At：03-30 12:10

The 14th Ministerial Conference of the World Trade Organization (WTO) continued in Cameroon's capital Yaounde on Saturday, with meetings including ministerial sessions on agriculture and development, according to an official schedule.

The four-day conference opened on Thursday, bringing together ministers of economy, trade, and development from around the world, alongside representatives of global economic and trade organizations.

In his welcome remarks, Cameroon's Minister of Trade Luc Magloire Mbarga Atangana affirmed the country's commitment to promoting equitable, open and inclusive trade.

One of the conference's main goals is to make progress on a reform program aimed at strengthening the capacity of the institution to respond to the changing world economy, and the reform must lead to a stronger and more effective WTO, he said, stressing the need for WTO reform.

WTO Director-General Ngozi Okonjo-Iweala highlighted the challenges facing global trade, citing conflicts in the Middle East, Sudan, Ukraine, and elsewhere in the world as sources of disruption and uncertainty. She urged members to chart a path forward for the global trading system.

The ministerial conference, the WTO's highest decision-making body, is generally held every two years.

Eurozone composite PMI falls to lowest level in 31 months

The eurozone composite purchasing managers' index (PMI) -- a key indicator of business activity -- fell to 47.5 in May, the lowest level in 31 months, according to data released in an S and P Global report on Thursday.

The report said that increased cost pressures have led to a contraction in business activities in the eurozone.

The service sector, a key pillar of the economy, took a heavy hit, with its PMI plunging to 46.4, a 63-month low.

Meanwhile, the manufacturing PMI stood at 51.4, suggesting the pace of expansion slowed to its weakest since January.

The report quoted Chris Williamson, chief business economist at S and P Global Market Intelligence, as saying that the preliminary PMI data for May showed the war in the Middle East has been weighing increasingly heavily on the eurozone economy.

The eurozone economy is expected to contract by 0.2 percent in the second quarter, while inflation could approach 4 percent in the coming months, according to Williamson.