Irreversibly changed…the global trading system is facing the worst turmoil in 80 years
The General Director of Ngozi Okonjo-Iweala than attests "The worst unrest in eight decades"This was in a speech during the opening of the organization’s ministerial conference on Thursday.
She indicated that "These disturbances are merely a reflection of broader imbalances that destabilize was established in the wake of World War II to prevent a repeat of the atrocities that occurred in the first half of the twentieth century"
The Global Trading System
Within four days, members of the World Trade Organization will meet to discuss ways to revive the institution that has been undermined by geopolitical tensions, futile negotiations, and growing protectionism, while the war in the Middle East casts a shadow over global exchanges.
In opening the conference, Ngozi Okonjo-Iweala presented a bleak picture of the world’s situation.
She said: "The global order and multilateral system to which we have become accustomed has changed radically and irreversibly"stewardess "We cannot deny the scale of the problems the world faces today".
Global unrest
She pointed out that "The horror of the problems facing the world today has undermined exchanges in energy, fertilizers and food products"
She continued: It has become difficult for governments and international institutions to contain the escalation of geopolitical tensions, growing environmental pressures, and rapid technology development."Pointing out that these transformations are accompanied by increasing skepticism about the feasibility of the multilateral approach.
She considered that "It is right, in this period of global turmoil that is witnessing conflicts in the Middle East, Sudan, Ukraine and elsewhere, and in these times of uncertainty and deep imbalances, that we meet in Africa to discuss the future of the global trading system."
The World Trade Organization holds its Ministerial Conference every two years. It is the second meeting held on the African continent after the one held in Nairobi in 2015.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
