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The Economic Times
The Economic Times
Business

WTO chief sees lasting impact on trade from Middle East war and geopolitics

World Trade Organization Middle East Supply chain

BANGKOK: Shifting geopolitics and the wars in Ukraine and the Middle East will have a lasting impact on world trade flows as companies hedge their bets against future shocks, Ngozi Okonjo-Iweala, director general of the World Trade Organization, told Reuters on Thursday.

Trade had contracted sharply in the Middle East as a result of the Iran war, despite a series of workarounds, and would take some time to bounce back, Okonjo-Iweala said in an interview, adding that some of the shifts could become permanent. The WTO forecast a 17% drop in exports this year, with imports down about 15%.

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