Global trade resilient despite crises, 72% still under WTO rules — Okonjo-Iweala
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.
According to her, Africa holds about 30 per cent of the world’s critical minerals and has significant renewable energy potential, giving the continent an opportunity to become an important part of global supply chains.” She said modelling by the WTO showed that if the global economy fragmented into two major trading blocs, the world could suffer a seven per cent loss in global GDP in the long run.
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