2024-01-18 16:40:54
© Reuters. For WTO leader, it will not be possible to recover the global economy without free flow of trade
The director-general of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, stated this Thursday, 18, that “it will not be possible to recover the global economy” without first reversing fragmentation between countries and establishing a free flow of trade . “We are certainly concerned about unilateralism and protectionism,” said Ngozi, during a panel at the World Economic Forum in Davos.
Vice-President of the European Commission, Valdis Dombrovskis also commented on the need to remain cautious regarding protectionism. “We must preserve multilateralism while trying to find a balance that allows us to increase the resilience of supply chains,” he said.
However, he added that Europe will continue to take measures to protect its supply chain.
When asked what could help the resilience of supply chains without fragmenting global trade, Ngozi once again reinforced the essential role of emerging and developing countries.
“By investing in these countries, Europe, for example, could reduce trade costs and increase productivity”, stated the leader.
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