The head of the World Trade Organization (WTO) has expressed concern about the current state of global trade, describing it as facing significant challenges.
Dr. Ngozi Okonjo-Iweala highlighted growing protectionism and disputes undermining WTO rules, leading to fragmentation in trade relationships worldwide.
These issues, she warns, threaten the resilience and growth that trade traditionally supports for countries.
Recent developments, such as the EU and US imposing tariffs on Chinese electric vehicles, illustrate the intensifying trade tensions.
These measures are part of broader concerns about fair competition and economic security, with implications for jobs and industry development globally.
Dr. Okonjo-Iweala emphasized that despite these challenges, there are signs of resilience in global trade, but also stressed the need for countries to work together to resolve disputes and adapt trade rules to address modern challenges like climate change.
She cautioned against a return to past eras of retaliatory tariffs, citing historical examples like the 1930s, where such actions worsened economic conditions globally.
Her remarks underline the importance of cooperation and fair practices to sustainably manage global trade in the face of current complexities.
(Source: BBC News)
https://www.bbc.com/news/articles/ce93n7lgw5qo