… Hails SSK at 20th…. Urges Nigeria, Africa to seize digital trade opportunitiesBy Chioma Obinna
Despite escalating geopolitical tensions, tariff disputes and disruptions to the multilateral trading system, 72 per cent of global trade still takes place under World Trade Organisation, WTO, rules, Director-General of the organisation, Dr Ngozi Okonjo-Iweala, has said.
Okonjo-Iweala, who spoke in Lagos at the 20th anniversary celebration of Streamsowers & Köhn, SSK, urged countries, particularly weaker economies, to resist retaliatory trade actions, warning that a global trade war could further fragment the world economy and worsen uncertainty for businesses.
The WTO boss, who was a special guest at the event with the theme, “Nigeria’s Path to Economic Resilience & Investment Leadership in a Volatile Global Environment,” said the world was experiencing its most serious disruption to global rules and multilateralism in eight decades.
She, however, said the resilience of global trade showed that countries still recognised the value of rules-based commerce.
