According to the World Trade Organization (WTO), the war in Ukraine has caused enormous human suffering and is jeopardizing global trade’s fragile recovery.
The most immediate impact of the Russian invasion, according to WTO Director-General Ngozi Okonjo-Iweala, was a dramatic surge in commodities prices.
“With dwindling supplies and rising food prices, the world’s poor may be forced to go hungry.”
On Tuesday, Okonjo-Iweala cautioned, “This must not be allowed to happen.”
To boost trade, Okonjo Iweala urged states to collaborate with multilateral organizations such as the World Trade Organization (WTO).
Both Russia and Ukraine are major suppliers of basic items such as food, energy, and fertilisers, all of which are currently in short supply owing to the conflict.
Since Russia’s invasion, grain exports through Black Sea ports have halted, with potentially disastrous repercussions, particularly for poorer countries.
If the battle in Ukraine continues, Okonjo Iweala warned, there will be serious consequences.
She, on the other hand, stated that the forecasts are contradictory and difficult to analyze objectively.
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“There is some upside potential if the war in Ukraine ends sooner than predicted, but there are significant negative risks if fighting continues for an extended period of time or if the situation escalates.”
“In times of crisis, more commerce is required to maintain steady and fair access to essentiAls.”
Restricting trade will jeopardize the well-being of families and businesses around the world, according to the World Trade Organization.
