Global trade to feel impact of US-Iran war for long time — Russian minister
Experts have yet to assess the full extent of the consequences, Maxim Reshetnikov noted
MILWAUKEE, Wisconsin, October 5. /TASS/. Global trade will continue to face the consequences of the US-Israeli war with Iran for a long time, and experts have yet to fully assess its impact, Russian Economic Development Minister Maxim Reshetnikov told TASS, summing up the results of a Group of Twenty (G20) meeting in Milwaukee, Wisconsin, which he attended.
"The conflict in the Middle East has become a major destabilizing factor for the global market. It is clear that global trade will feel its consequences for a long time, while experts have yet to assess their full extent," the minister stressed.
"Nevertheless, the negative impact of the Persian Gulf crisis was already affecting trade flows in the first quarter of this year. WTO [World Trade Organization - TASS] experts calculated that significant disruptions to shipping in the Strait of Hormuz caused exports in the region to fall by 9.7% during that period and imports by nearly 12%. Higher prices for hydrocarbons and fertilizers, as well as increased production and logistics costs, inevitably intensified pressure on global food markets. Developing and least-developed countries that depend on imports and have limited resources to ensure stable food security were particularly vulnerable," Reshetnikov noted.
The meeting in Milwaukee, held from September 30 to October 1, focused on international economic development and trade. The United States holds the G20 presidency this year. The culmination of G20 events in the United States will be the summit to be held on December 14-15 in Miami, Florida.