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
lessons to move forward? you have hit it on the nail. i am often asked, when is the supply chain going to calm down? when will things improve? i say, we are heading in the right direction, but we still of the pandemic existing, and while we still have locked out in certain areas, flair ups in certain areas, leading to labour shortages or complete closing down of factories in receiving areas, then that is going to mean problems will continue to exist. we need to get over that. secondly, we have had this major pandemic, hopefully the world learns from that. maybe we are better in the future in terms of predicting and spotting when the pandemic are happening, working quicker to close them down and stop them becoming a global phenomenon. but you need to do more in the healthcare sector, regarding our future risk aversion of these types of things happening. we are still dealing with post pandemic chain chaos. but in late february of this year comes a war on european soil.
a global phenomenon. but you need to do more in the healthcare sector, regarding our future risk aversion of these types of things happening. we are still dealing with post pandemic chain chaos. but in late february of this year comes a war on european soil. what s that done? supply chain has been tough. many of you will be aware we are still getting delays because of that back up from land side coming to oceanside. ships are running fine on the ocean side, we can carry things, we just cannot get them through the ports. changing gears and talking about that russia invasion, february, march this year, overall, russia, ukraine is 1 2% of global container business, not that significant in terms of overall supply chain.