The World Trade Organization chief warned on Monday that war, uncertainty and instability are weighing on the global economy, and elections involving almost half of the world’s population could bring new challenges. Therefore, he urged blockchain to embrace reform.
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has warned that war, uncertainty and instability are straining the global economy.
She made these comments at the WTO’s biennial meeting in the United Arab Emirates. She praised her own organization despite facing pressure from the United States and other countries. But she spoke candidly about the challenges ahead.
Rising prices for food, energy and other essentials are hitting people’s wallets and causing political discontent. “People around the world are worried about their future, and that will be felt at the polls this year,” she said.
The US presidential election scheduled for November 5th is of particular importance to the WTO. Former President Donald Trump, who threatened to pull the United States out of the WTO and imposed tariffs on both allies and rivals, is running again. If he wins, global trade could be disrupted again.
Although Okonjo-Iweala did not mention President Trump by name, he warned against attacks on multilateralism. “Since its creation 75 years ago, the multilateral trading system that I call the global commons continues to be misunderstood and undermined,” she said.
Even if President Joe Biden is reelected, the United States still has serious doubts about the World Trade Organization (WTO). The United States has suspended appointments to the Court of Appeals under the past three leaders and it is no longer functioning. They believe that WTO judges have repeatedly overstepped boundaries when deciding cases.
The United States also criticizes China for still calling itself a developing country, as it did when it joined the WTO in 2001. The United States, Europe and others believe China is unduly restricting access to emerging industries, stealing technology from foreign companies or pressuring them to abandon it. . The United States also says China is flooding global markets with cheap steel, aluminum and other products.
This week, WTO members will meet in the United Arab Emirates’ capital Abu Dhabi to discuss topics including ending subsidies that lead to overfishing, extending a moratorium on taxes on digital media such as movies and video games, and agricultural issues. .
Comoros and Timor-Leste joined the WTO at the start of the session on Monday, bringing the total number of members of the group to 166. However, challenges remain for the WTO organization and the global economy, particularly as it recovers from the world wars. The coronavirus pandemic differs from country to country.
Okonjo-Iweala did not mention Israel’s war against Hamas in the Gaza Strip, but did mention the continued disruption to shipping caused by Yemen’s Houthi rebels in the Red Sea due to the conflict. did. “Transportation disruptions in key waterways such as the Red Sea and the Panama Canal are causing new delays and inflationary pressures,” he said.
The World Trade Organization (WTO) is also struggling because all countries need to agree on major decisions. Okonjo-Iweala said: “We thought the world would look bleak in mid-2022, when we were slowly emerging from the pandemic and food and energy security was shaken by the war in Ukraine, but today… We are in an even more difficult situation.”