WTO Chief Sees Lasting Trade Shifts From Wars
WTO Director General Ngozi Okonjo-Iweala stated that ongoing conflicts in the Middle East and Ukraine will permanently alter global trade flows. Businesses and nations are increasingly diversifying supply chains and adopting alternative routes to hedge against future economic shocks.
Shifting geopolitics and ongoing conflicts in Ukraine and the Middle East will permanently alter global trade flows as companies reconfigure supply chains, WTO Director-General Ngozi Okonjo-Iweala said Thursday. Trade contracted sharply following the conflict involving Iran, forcing businesses to adopt costly workarounds that are likely to endure. Repeated supply chain disruptions have underscored the necessity of structural diversification and long-term contingency planning for multinational firms.
