ITC Director Calls for Strategic Reglobalization Amid Tariff Threats

The Executive Director of the International Trade Centre (ITC), Pamela Coke-Hamilton, has issued a warning at the United Nations in Geneva, highlighting the impact of escalating tariffs on the global economy, particularly for developing nations.

Coke-Hamilton warned that if nations continue to impose tariffs on each other, the world’s economy could shrink by 0,7% by 2040, a blow that would hit developing nations hardest due to their vulnerability to trade disruptions.

In her address, Coke-Hamilton urged developing nations to proactively diversify their trade portfolios, seeking out new markets and reducing their reliance on a limited number of major trading partners. She stated that this strategic reglobalization is crucial for building resilience against the adverse effects of rising tariffs.

The International Trade Centre (ITC), a joint agency of the World Trade Organization and the United Nations, plays a vital role in providing trade-related technical assistance. Its mission is to foster sustainable economic development by enhancing the competitiveness of businesses in developing countries.