© Reuters. FILE PHOTO: World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala attends a news conference following a meeting at the Federal Chancellery in Berlin, Germany November 29, 2022. REUTERS/Michele Tantussi/File Photo
GENEVA (Reuters) – The head of the World Trade Organization said on Monday that early signs of global trade fragmentation were appearing, criticising so-called ‘reshoring’ and ‘friendshoring’ between trade blocs.
“While we don’t yet see any large-scale fragmentation we are beginning to see signs,” said Ngozi Okonjo-Iweala at an event in Geneva, calling the trend “dangerous”.
“If we … reshore, friendshore we may be leading the world towards fragmentation of trade, which will be very costly,” she said. “So we’re saying let us not do this. Let us reimagine globalisation, and we’re calling it re-globalisation,” she said.
Source: Investing.com
