Ngozi Okonjo-Iweala, director-general of the World Trade Organization, says the Red Sea ship attacks have been weighing on the organization's sentiment on goods trade this year.
Global rice supplies face the most significant shortage in 20 years, exacerbating fears of worse food insecurity. Rice is a staple food source for over half the world's population. India's export bans shook market prices, sparking political controversy. The $34 billion U.S. rice industry competes against price uncertainty and changing climates that put yields at risk. Watch this video to learn more.
Pamela Coke-Hamilton of the multilateral agency discusses why she thinks claims of the "death of globalization" are inaccurate and how global supply chains will be reorganized.
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, tells CNBC's Martin Soong: "We were beginning to take multilateralism and the multilateral trading system for granted." Speaking on the sidelines of the G-7 leaders' summit in Hiroshima, Japan, she said although disruptions in supply chains still need to be dealt with, trade has been a "source of resilience" in past crises.
Joshua Meltzer of Brookings Institution says "we're not in a world of multilateral gains."
The collaboration necessary to create a vaccine at record speed could lead to legal battles over the parties involved in inventing the COVID vaccine. The outcome could yet again change the course of the pandemic.
China is Australia's biggest trading partner. However, the once-strong trade relationship between Australia and China has deteriorated, leading China to 'indefinitely' suspend economic dialogue in May 2021. So, why did this once prosperous economic relationship break down? CNBC's Timothyna Duncan is joined by Will Koulouris to explore the nations' history as trade partners and what the riff means for the future of global trade.
Ngozi Okonjo-Iweala has been appointed the new chief of the World Trade Organization, becoming the first woman and African to ever lead the institution.
Myron Brilliant from the U.S. Chamber of Commerce says the new administration needs to resume leadership in global institutions and reset relations with China.
China could also really hurt its own economy and environmental sustainability by imposing trade tariffs on Australia, says Tim Harcourt of the University of New South Wales.