The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala,has hailed the resilience of global trade, despite the challenges posed by the pandemic, inflation and geopolitical tensions, acknowledging the industry’s efforts to mitigate and navigate unexpected changes.
    
Speaking at a meeting with Chief Executive Officers (CEOs) of global shipping companies, she said despite all the challenges, there are real opportunities and these need to be leveraged into better and more inclusive globalisation. She noted that through diversifying supply chains, more developing countries like Nigeria, will be able to enhance their trade growth opportunities.
   
The shipping executives highlighted the resilience of the maritime industry, noting strong growth in trade volumes despite geopolitical tensions and challenges like the Red Sea crisis and other uncertainties. They also highlighted the efficiency of shipping as a mode of transport and noted their commitment to the transition to net zero and decarbonisation. They underscored the importance of harmonising environmental regulations and the need for standardisation in the area of green energy.
   
They also stressed the need for public-private partnerships and international cooperation to invest in green energy infrastructure in support of the transition to net zero.