rki.news | Sources Anadolu
GENEVA, Sept. 18 — Disruptions in the Strait of Hormuz are creating the most serious threat to global trade in 80 years, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala warned.
Speaking to Anadolu on the sidelines of the WTO Public Forum in Geneva, Okonjo-Iweala said global trade remained resilient despite geopolitical tensions, but prolonged disruption in the vital waterway could raise food, fertilizer and agricultural costs.
She said global goods trade grew 4.6% this year, exceeding the earlier full-year projection of 1.9%. First-quarter growth reached 3.2%, while 72% of global commerce continued under WTO rules.
Okonjo-Iweala said strong growth was partly driven by expanding artificial intelligence-related trade, supported by low- or zero-tariff agreements covering about $3 trillion in semiconductor and chip shipments. However, she cautioned that the benefits remain concentrated in North America and East Asia.
She said temporary national reserves have helped shield markets from Hormuz-related shocks, while shipping companies have maintained trade volumes by rerouting vessels, although longer routes are increasing costs.
The WTO chief also warned that failure to modernize global trade rules and multilateral cooperation could reduce potential global economic growth by up to 10% by 2050 and increase pressure on developing economies.
