the 0.75% increase is an attempt by the federal reserve to combat surging inflation. rising prices are continuing to hit president biden s poll ratings. now on bbc news: talking business with aaron heslehurst. hello. let us take a look at what is on the show. the global economy is facing multiple crises, from supply chain chaos, war in europe, and potentialfamine. can this so called poly crisis be taken on by the wto, the world trade organization, as global trade ministers meet face to face for the first time since the pandemic and the war in ukraine? i am going to be discussing all of this with these two. there they are. the boss of the world trade organization, as well as a former wto judge from china. and what does this mean for a business where trade is everything? i will be speaking with the boss of one of the biggest shipping and freight companies to find out how they are navigating through these choppy waters. whrnever you arejoining me from around the world, hello, we
iam going i am going to be discussing all of this with these two. there they are. the boss of the world trade organization, as well as a former wto judge from china. and what does this mean for a business where trade is everything? i will be speaking with the boss of one of the biggest shipping and freight companies to find out how they are navigating through these choppy waters. whenever you arejoining me from around the world, hello, welcome to the show. we are in a poly crisis. that is according to ngozi okonjo iweala, director general of world trade organization, because the wto is holding its most important meeting in more than four years. this week, trade ministers from more than 150 countries will gather in geneva in switzerland. the meeting has twice been postponed covid outbreaks. but now, as well as a world facing a pandemic and this aftermath, there is a war on european soil. globalfood shortages. and the global cost of living crisis. and of course, the continuing
fuel prices and the average cost of driving around has increased massively in the last 12 years. to have that not even be reviewed, do not have any more that we can give tax free, is making it exceptionally hard to even be able to support the star. ., ., , hard to even be able to support the star. ., ., . ,., star. you are saying the government can do more- star. you are saying the government can do more. they star. you are saying the government can do more. they could star. you are saying the government can do more. they could also - star. you are saying the government can do more. they could also cut - can do more. they could also cut some of the fuel duty, which they take from fuel at the pumps. yes. they could take from fuel at the pumps. yes. they could do take from fuel at the pumps. yes. they could do so take from fuel at the pumps. yes. they could do so much take from fuel at the pumps. yes. they could do so much more, - take from fuel at the pumps. 133
but now, as well as a world facing a pandemic and its aftermath, there is a war on european soil, globalfood shortages, and the global cost of living crisis. and of course, the continuing climate emergency. yes, poly crisis does seem about right. last time, the ministers met in december 2017, in buenos aires, they were greeted by anti globalisation protesters. but dissent from the ministers is the bigger challenge that needs to be addressed. at the moment the wto is facing a crisis over its very existence. since 2019, and the presidency of donald trump, the united states has blocked the appointment of any newjudges to the wto applet body. that is a panel ofjudges from different member countries that decide on any challenges to the organisations rules. if this body cannot do its job because newjudges are not being appointed then none of the trade battles between countries, like us and china, can be resolved.
that decide on any challenges to the organisations rules. of this body cannot do its job because newjudges are not being appointed then none of the trade battles between countries, like us and china, can be resolved. while the biden administration says it wants to move beyond this, the block on newjudges remains. despite this, trade around the world has badged back after the pandemic. global trade went to a record high in 2021. making it worth about $20.5 trillion. that s13% higher than the same number in 2019. before the pandemic to hold. but the supply chain crisis from the pandemic continues to linger, exacerbated by russia s ruthless attack on ukraine. oil prices have skyrocketed. global shortage of that country s grain is causing global concerns. that has led to some of the other big wheat producers such as india banning