GENEVA: Director-General of the WTO Ngozi Okonjo-Iweala expressed her concerns in connection with the risk of tariff war escalation amid n...
GENEVA: Director-General of the WTO Ngozi Okonjo-Iweala expressed her concerns in connection with the risk of tariff war escalation amid new import duties announced by the US and urged member-countries of the organization to use it for meaningful interaction and search for collaborative decisions.
"I'm deeply concerned about this decline [the decline in global merchandise trade volumes - TASS] and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade," she said in the statement released by the press service of the WTO.
"The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment," the director-general stressed. "I encourage members to utilize this forum to engage constructively and seek cooperative solutions," she added.
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