The World Trade Organisation (WTO) says the war in Ukraine
has created immense human suffering and was putting the fragile recovery of
global trade at risk.
Ngozi Okonjo-Iweala, the WTO Director-General said the most
immediate impact of the Russian invasion had been a sharp rise in commodity
prices.
“Smaller supplies and higher prices for food means that the
world’s poor could be forced to do without.
“This must not be allowed to happen,” Okonjo-Iweala, warned
on Tuesday.
Okonjo-Iweala urged governments to work with multilateral
organisations like WTO to facilitate trade.
Both Russia and Ukraine are key suppliers of essential goods
such as food, energy, and fertilizers, supplies of which are now threatened due
to war crisis.
Grain shipments through Black Sea ports has paused since
Russia’s invasion with possible dire consequences, particularly for poorer
countries.
Okonjo-Iweala warned that there’s a substantial downside
risks if war in Ukraine persists.
She, however, said the forecast are mixed and difficult to
assess objectively.
“There is some upside potential if the war in Ukraine ends
sooner than expected, but substantial downside risks could emerge if fighting
persists for a long time or if the conflict escalates.
“In a crisis, more trade is needed to ensure stable,
equitable access to necessities. Restricting trade will threaten the wellbeing
of families and businesses globally,” WTO said.
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