World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala said in a statement on Wednesday, “risks to the 2023 global trade forecast are on the downside due to the uncertainties surrounding the Ukraine crisis, rising food and energy costs, and inflation.”

Additional quotes

“There is a real risk of recession in some major economies, with significant consequences for emerging and poor economies.”

“It's always excellent when the world's two largest economies talk to each other. - referring to the Biden-Xi meeting.”

“US is informally discussing with WTO members on dispute settlement system reform, with a hopeful breakthrough next year.”

Related reads

• EU: To offer our full support, assistance with Poland ongoing investigation
• IMF: Australian economy set to slow amid downside risks