*The World Trade Organisation says it is deeply saddened by the continued sufferings and loss of lives resulting from the ongoing Russia-Ukraine conflict, which has threatened socio-economic stability, hurting millions of consumers around the world

Isola Moses | 绿帽献妻

As millions of consumers and refugees continue to bear the brunt of the recent Russian invasion of neighbouring Ukraine, the World Trade Organisation (WTO) has expressed sadness over the development and its attendant humanitarian challenges on humanity globally.

Dr. Ngozi Okonjo-Iweala, Director-General of WTO, in a recent statement Wednesday, March 2, 2022, said that the organisation was 鈥渄eeply saddened by the continued suffering and loss of lives鈥� as a result of the ongoing war in Ukraine.

绿帽献妻 reports the war, which has shocked the global world and threatened socio-economic stability enters its two weeks.

The global trade body noted that it had hoped that war would be averted but that hope was dashed.

However, with the battle raging, and ongoing talks between Ukraine and Russia, of which the first round was held in Belarus yet to yield results, the WTO is still concerned about the implications.

Dr. Okonjo-Iweala stated: 鈥淲e are also concerned about the trade implications of the conflict, especially trade in agriculture and food products and the rise in energy prices and their effects on the impacted population.鈥�

According to the Director-General, the WTO is praying for 鈥渁 peaceful and quick resolution鈥� to the crisis.

Global logistics chain

Recently, Okonjo-Iweala had also warned about the 鈥渆conomic impacts鈥� of the war in Ukraine, a major wheat exporter, saying it would hurt consumers around the world.

She stated at a virtual event with IMF Chief Kristalina Georgieva, that 鈥渢here鈥檚 going to be a big impact with respect to wheat prices and prices of bread for ordinary people as well.鈥�

Ukraine, Okonjo-Iweala disclosed, is 鈥渋s one of the largest wheat exporters of the world.鈥�

In her response, Georgieva also echoed her previous warnings about the 鈥渟ignificant economic risk鈥� of the conflict for the global recovery from the COVID-19 pandemic, saying 鈥渢he impact is going to go beyond Ukraine.鈥�

The IMF President further highlighted the added pressure on inflation, which is likely to accelerate amid rising prices for energy and wheat.

It was gathered the oil prices Thursday, March 3, 2022, briefly topped $100 for the first time since 2014.

The United States (US) and Europe have slapped sanctions on Moscow, Russia, targeting the financial sector but largely sparing the oil and agriculture sectors for now in order to to lessen the impacts of the sanctions on their own people.

Georgieva stated that the sanctions 鈥渁dd to the economic impact of this crisis, and will transmit primarily through energy prices, as well as grain prices, adding to what has been a growing concern of inflation and how it can be countered.鈥�

According to her, the conflict adds to the 鈥渉igh uncertainty鈥� about the global economy that also is reflected in financial markets, and undermines confidence in other emerging markets causing an exodus of capital at a time when those countries need more funding.

鈥淲e see outflows from emerging markets when we need exactly the opposite.鈥�

Georgieva, who is a Bulgarian, noted that she has a personal connection to the crisis, as her brother is married to a Ukrainian, and they are in a city near the border with Russia.

鈥淚 know right now it鈥檚 so difficult to see a pathway to peace, but peace must be pursued and we must find a way to bring that peace that people are so desperate for,鈥� said the IMF Chief.

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