The writer is Director-General of the World Trade Organization
Supply chain disruptions have been painful for companies and consumers alike. They have created headaches for governments and central banks everywhere and the war in Ukraine is adding to the strain. For small businesses, particularly those from developing economies, the consequences for growth, job creation, and poverty reduction could be catastrophic.
With dramatic increases in freight rates diverting shipping capacity towards the most lucrative routes, smaller businesses risk finding themselves locked out of global supply chains. And despite growing economic uncertainty, the private sector, governments and international organisations are not working together to deliver the solutions needed to make trade flows more efficient and more resilient.