The leader of the World Trade Organisation, Ngozi Okonjo-Iweala, stated on Tuesday that global trade is facing challenging times, with an increase in protectionist measures.
In the WTO’s annual report, Okonjo-Iweala emphasized that the future of commerce depends on services, digitalization, and the green economy.
“These are troubling times for global trade. Amid geopolitical tensions and the backdrop of the climate crisis, we see increased protectionism and unilateral policy measures.
“After years of talk of decoupling, trade may be starting to fragment along geopolitical lines,” she said.
She mentioned that opportunities still exist, highlighting the potential for growth and job creation through digital transformation.
Trade, she said, could also “enhance global food security and accelerate the push towards net-zero emissions.”
The WTO’s yearly report reviewed the activities of the Geneva-based organization during 2023 and the beginning of 2024.
AFP
