The World Trade Organization (WTO) on Monday, 26th of February, started its ministerial conference in Abu Dabi.
Amongst what the members will discuss is the one-legged recovery and the economic volatility from the COVID, as these would be put away by subsidy banning and online taxation.
The Director of the body, Ngozi Okonjo-Iweala had warned that it would be a difficult challenge at hand, as all eyes are on the outcome of the WTO’s decisions.
She went ahead to say that the world is in a more difficult state compared to two years ago. This is due to war, instability, uncertainty, and hunger in every corner of the world.
“Let’s not pretend that any of this would be easy. If we thought the world looked tough in May 2022, when we were slowly emerging from the pandemic and the war in Ukraine had taken food and energy security. We are in an even tougher place today,
Looking around uncertainty and instability everywhere. Geopolitical tensions have worsened. Conflict has spread, as we see here in the Middle East and away from the headlines across parts of Africa and the Arab world
We must not forget the conflict in Sudan, which has displaced close to 8 million people internally and across borders, or the conflict in the east of the Democratic Republic of Congo”
Okonjo-Iweala said
Athaliah Lesibah, WTO’s General Council stressed on the importance of the meeting. She said it is necessary for our collective efforts if we want to put away the economic crisis and geopolitical tensions around the world.
The Chairperson also highlighted how important it is to tilt the organization towards tackling modern-day issues.
In addition, Okonjo-Iweala went further explaining the unfavorable effects of the war, as it affects food, politics, climate crises, etc.
“Higher prices for food, energy, fertilizer and other essentials continue to weigh on people’s purchasing power, fueling political frustration
Shipping disruptions in vital waterways like the Red Sea and the Panama Canal, a new source of delays and inflationary pressure, offering a real-time reminder of the risks posed to global trade and output by security problems and the climate crisis
Okonjo-Iweala explained
Elections will be held in over 50 countries this year.
Summing up, the decisions taken by the Organization and the outcomes from the elections would have a huge impact on the world economy and how to go about the world’s daunting tasks to come.
The WTO’s meeting is slated to end in February in the United Arab Emirates.
