Director-General of the World Trade Organisation , Dr. Ngozi Okonjo-Iweala, has lamented that the sharp increase in food and energy prices, which was triggered by the Russian/Ukraine war, has created food security problems for developing countries.
She said this last week during a virtual meeting with WTO member countries, noting that the least developed countries in particular, are more at the receiving end of the crisis, suffering from the lack of access to food, fertiliser and unaffordable prices, resulting from exchange rate volatility and depreciation.
The WTO DG noted that 100 export restrictions on food and fertiliser were imposed following the outbreak of the war in Ukraine but the number of measures has fallen to 63. She further noted that WTO members were also seeking to advance negotiations on agriculture and place a greater spotlight on food security concerns.
Source: Energy Industry News (energyindustrynews.net)
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