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Facing "polycrisis", WTO chief warns of rocky road to deals

Monday, June 13, 2022
Facing © Reuters. A sign is pictured in front of the World Trade Organization (WTO) headquarters ahead of the Ministerial Conference (MC12) in Geneva, Switzerland, June 12, 2022. REUTERS/Denis Balibouse

GENEVA (Reuters) -World Trade Organization chief Ngozi Okonjo-Iweala expressed cautious optimism on Sunday that more than 100 trade ministers meeting in Geneva would achieve one or two global deals this week, but warned the path there would be bumpy and rocky.

The director-general from Nigeria said the world had changed since the WTO's last ministerial conference nearly five years ago.

"I wish I could say for better. It has certainly become more complex," she told a news conference before the meeting, listing the lingering COVID-19 pandemic, the war in Ukraine and major food and energy crises as pieces of a "polycrisis".

She urged trade ministers to go the extra mile over the coming days to achieve agreements such as to reduce fishing subsidies, boost access to COVID-19 vaccines, address food security and to set a course for reform of the WTO itself.

"Let me be clear, even landing one or two will not be an easy road. The road will be bumpy and rocky. There may be a landmine along the way," Okonjo-Iweala said, adding she was "cautiously optimistic" that the meeting would conclude with one or two deals.

She also cautioned ministers they should not expect to achieve everything on their countries' wish lists and recognise that compromises are never perfect.

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30-06-2022 05:09:34 (UTC+7)

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    EUR/USD 1.0443 ↑ Buy  
    GBP/USD 1.2122 ↑ Buy  
    USD/JPY 136.60 ↑ Buy  
    AUD/USD 0.6880 Buy  
    USD/CAD 1.2893 ↑ Sell  
    EUR/JPY 142.65 ↑ Buy  
    EUR/CHF 0.9970 ↑ Sell  
    Gold 1,819.20 ↑ Sell  
    Silver 20.733 ↑ Sell  
    Copper 3.7780 ↑ Buy  
    Crude Oil WTI 109.54 ↑ Sell  
    Brent Oil 112.25 ↑ Buy  
    Natural Gas 6.435 Neutral  
    US Coffee C 228.05 ↑ Sell  
    Euro Stoxx 50 3,514.32 Neutral  
    S&P 500 3,818.83 ↑ Buy  
    DAX 13,003.35 ↑ Sell  
    FTSE 100 7,312.32 Sell  
    Hang Seng 21,996.89 Neutral  
    Small Cap 2000 1,713.32 Neutral  
    IBEX 35 8,188.00 ↑ Buy  
    BASF 41.580 ↑ Sell  
    Bayer 57.62 Neutral  
    Allianz 183.72 Buy  
    Adidas 170.02 ↑ Sell  
    Lufthansa 5.813 ↑ Buy  
    Siemens AG 101.40 ↑ Sell  
    Deutsche Bank AG 8.571 Neutral  
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