Global Trading System Hit by 'Worst Disruptions in the Past 80 Years': WTO Chief
The Middle East conflict has disrupted key trade routes like the Strait of Hormuz, risking supply shocks and dividing WTO members at a critical global trade summit.
- Trade ministers from 166 nations gathered in Yaounde, Cameroon, for a four-day World Trade Organization conference aimed at revitalizing an institution weakened by rising protectionism and geopolitical tensions.
- Sparked by US-Israeli attacks on Iran last month, the Middle East war has roiled global markets, while Iran declared the Strait of Hormuz closed to shipping for specific allied countries.
- World Trade Organization Chief Ngozi Okonjo-Iweala warned the global trading system faces its "worst disruptions in the past 80 years," citing destabilization in energy, fertilizer, and food markets.
- European Central Bank Vice President Luis de Guindos cautioned that the conflict could trigger "systemic stress" in markets, warning the global economy faces a supply shock with far-reaching repercussions.
- Skepticism toward multilateralism grows as leaders struggle to navigate geopolitical tensions and technological change, threatening the international order established following World War II to prevent past disasters.
30 Articles
30 Articles
The World Trade Organization (WTO) ministerial conference has opened in the Cameroonian capital Yaounde, where the future of trade and reform of the organization are being discussed in light of the war in the Middle East. "The trading system is experiencing the worst disruption in 80 years," WTO Director-General Ngozi Okonjo-Iweala warned.
Watauga Democrat
WTO mulls future of global trading under cloud of Mideast war
The World Trade Organization's ministerial conference opened Thursday against a backdrop of heightened trade tensions and global economic turmoil linked to the Middle East war.
According to WTO leader Ngozi Okonjo-Iweala, the global trading system is currently confronted with the most severe turbulence since World War II. "The world trading system is experiencing the worst disruptions in 80 years," said the World Trade Organization (WTO) head at the Ministerial Conference of the Organization in Cameroon's capital Jaunde on Thursday.But these disturbances are "only the symptom of more comprehensive upheavals that shake …
InsideNoVA.com
Global trading system hit by 'worst disruptions in the past 80 years': WTO chief
The global trading system is experiencing the "worst disruptions in the past 80 years", World Trade Organization chief Ngozi Okonjo-Iweala warned as the WTO ministerial conference opened Thursday.
Coverage Details
Bias Distribution
- 61% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
