Sat. Jun 15th, 2024

Global trade restrictions increase prices and exacerbate the food crisis, the organizations say

The removal of trade restrictions would ease the global food crisis by minimizing supply disruptions and reducing prices, the World Trade Organization (WTO), World Bank and International Monetary Fund (IMF) said in a joint statement on Friday.

Facilitating trade and improving the functioning and resilience of global markets for food and agriculture… are key,” they said.

The 2008 crisis taught us that imposing global trade restrictions leads directly to increases in food prices. Removing export restrictions and adopting inspections and licensing processes that are more flexible help minimize supply disruptions and lower prices.

The joint statement was published on the World Bank’s website, and was authored by its president, David Malpass, along with IMF Managing Director Kristalina Georgieva, WTO Director-General Ngozi Okonjo-Iweala, and the executive director of the World Food Program, David Beasley.

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