India, June 30 -- Amid unilateral tariff measures and record levels of policy uncertainty, the World Trade Organization estimates that global merchandise trade volumes for the year will be "basically flat," growing by just 0.1 per cent.
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, said that after increasing rich countries' incomes, lifting 1.5 billion people out of poverty in the developing world, the global trading system is now "severely disrupted."
She was addressing the UN's fourth International Conference on Financing for Development that kicked off in Spain's southern city of Sevilla on Monday.
Outlining steps needed to bolster global trade's stability, she cited the value of cooperative solutions rather t...