DG Okonjo-Iweala discusses trade trends with shipping industry leaders at Public Forum

September 16, 2024 | 11:30 AM |

Director-General Ngozi Okonjo-Iweala discussed with CEOs of shipping companies the resilience of trade and supply chains on 12 September on Day 3 of the Public Forum. They exchanged views on the latest trends in global trade and in maritime shipping and discussed the challenges facing the industry, including geopolitical tensions, standardization, and requirements for the transition to green energy.

“You are a trade barometer. Getting real-time information on what is happening in the shipping industry is an indication of what is happening in trade,” the Director-General said

The Director-General emphasized the resilience of global trade despite the challenges posed by the COVID-19 pandemic, climate issues, inflation and geopolitical tensions. She acknowledged the industry’s efforts to mitigate and navigate unexpected changes.

Despite all the challenges, the Director-General noted that there are real opportunities, and that these opportunities need to be leveraged into better and more inclusive globalization. She noted that through diversifying supply chains, more developing countries 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 decarbonization. They underscored the importance of harmonizing environmental regulations and the need for standardization in the area of green energy.

They also emphasized the need for public-private partnerships and international cooperation to invest in green energy infrastructure in support of the transition to net zero.