The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iwealayesterday asked the countries with national grain reserves and other foods that release them and redirect them to the international market, to face the sharp rise in prices in the sector caused for the war in Ukraine.
In an informal meeting of the General Council, the main body of the WTO, Ngozi underlined that international cooperation is essential to face the historic highs that some basic goods have reached due to the war between Russia and Ukrainetwo of the largest cereal producers and exporters on the planet.
In the long term, some of the world’s leading grain producers, such as United States, Canada, Australia, Argentina or Francethey should consider a increase in productionas are the leaders in fertilizer production (also in an inflationary spiral), such as China or Germany, he said.
He asked member countries to speed up efforts so that the conflict in Ukraine “does not turn into a disaster.
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AL may grow minus 3% in 2022
The inflationary threatthe continued uncertainty caused by the pandemic and the global impact of the Russian invasion of Ukraine could lead the Latin American and Caribbean economy to less than 3% growth this yearthe Inter-American Development Bank (IDB) warned yesterday.
Faced with this complex panorama, the president of the institution, Mauricio Claver Caroneassured that Latin America and the Caribbean must take a step forward to cushion the impact of the war in Ukraine on the global commodity markets.
“The world sees new connections for the region in trade beyond China, I believe that this hemisphere can play a key role in the compensation for services.
