WTO DG, Okonjo-Iweala, expresses concerns over trade implication of Russia-Ukraine war  

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has expressed concerns over the trade implication to the world of the war raging between Russia and Ukraine in Eastern Europe. The WTO DG had noted it is “deeply saddened by the continued suffering and loss of life” following the war in Ukraine.

Ngozi Okonjo-Iweala in a statement on Wednesday, noted that WTO had hoped that war would be averted but that hope was dashed, as the war has shocked the world and threatened global stability.

The WTO expressed concern about the implications, as talks between Ukraine and Russia are not yielding results yet.

According to Okonjo-Iweala, “We are also concerned about the trade implications of the conflict, especially trade in agriculture and food products and the rise in energy prices and their effects on the impacted population.” She prayed for “a peaceful and quick resolution” to the crisis.

Okonjo-Iweala had cautioned about the “economic impacts” of the war in Ukraine, a major wheat exporter, noting the implication would hurt consumers around the world.

Okonjo-Iweala in a virtual occasion with IMF chief Kristalina Georgieva, said: “There’s going to be a big impact with respect to wheat prices and prices of bread for ordinary people as well.”

Georgieva reiterated her earlier warnings about the “significant economic risk” of the war for the global recovery from the Covid-19 pandemic, saying “the impact is going to go beyond Ukraine.”