Global trade is facing its worst disruption in 80 years as supply chain bottlenecks in the Strait of Hormuz threaten global food and fertiliser prices, Anadolu reports citing the World Trade Organisation’s (WTO) director-general.
Ngozi Okonjo-Iweala, speaking on the sidelines of the WTO’s Public Forum in Geneva, tells Anadolu that the global trading system remains resilient, but the ongoing Middle East conflict presents a major test for the organisation’s 166 member countries.
She notes that global trade in goods has grown by an unexpectedly strong 4.6 per cent this year despite geopolitical pressures, while 72pc of all global commerce continue to operate under WTO rules.
The initial projection for overall goods trade growth is 1.9pc for the entire year, but the first-quarter growth rate of 3.2pc outpaced expectations.
