World Trade Organization Optimistic on Future of World Trade
There’s a lot going on in the world at the moment. The United States and China are in a trade war. The same goes for Japan and South Korea. In Europe we still have a lot of uncertainty surrounding the Brexit. And then to top it off there’s price shocks in the oil market due to attacks on oil producer Saudi Arabia. You would say we are heading in the wrong direction, right?
While these are all serious issues, we are actually moving in the right direction when it comes to world trade, says the World Trade Organization (WTO).
The World is Changing in a Better Direction
World Trade Organization Deputy Director General Alan Wolff is optimistic about the future of world trade:
“We are headed to a better place. But we are going through a rough patch,”
“I am very optimistic… the world is changing in a better direction. It’s not in the [media] headlines, but it is coming”
“The decline of non-discrimination will take a long time to repair. Restoration of non-discrimination is highly likely but it will take time,” Wolff said. He pointed to the trend around the world to create rules against discrimination on the basis of attributes such as gender, ethnicity or sexual proclivity.
“Trade will be aligned with non-discrimination over time… the world has a taste for non-discrimination and won’t go back to discriminating.”
Read more on this on the American Shipper website here.