is trade ministers are gathering at a meeting of the world trade organization? can they agree on fresh deals and a reform of the group will get an expert's view. and the big mac has gone. but now former mcdonald's restaurants have opened their doors under new russian leadership . moscow show your 1st over in berlin. welcome to the program. pressure on companies in south korea is growing as a strike by the countries truck drivers enter 7th day industries, including all those steel and petrochemical makers have wrecked accumulated losses worth about $1200000000.00. the industry ministry says the truckers want a minimum freight rate and the face of soaring fuel prices that are squeezing their finances. southwest president use if you're all has ordered is top aides to find a way to reduce the impact on industries and tackle red hot inflation.

let's get more of this from yeah. hoffman. he is the head of trade logistics at the you and conference on trade and development. welcome back to the w. young. more companies is oscar e as a saying they're cutting production because a freaking inventories. how concerned are you that this could grow into a problem of global proportions? yes, good afternoon to geneva, not far from the w t o, which is your next topic? yes, it's not that it is probably leading. it is already leading to negative effects on the supply chain. no one has to understand transport workers, be a truck, us port rocha see ferris. they are caught between a rock and a hard place. they, they have been affected very strongly negatively by or the panoramic or the stress on them. and then they are not affected by higher prices. and what we do see on the, the shortage is this delays. this strikes threats of strike speed and korea be the

number that los angeles. they do lead to more uncertainty. they lead to longer waiting ships recalculated. pre call with no ships container spend about 20 percent more time in port than pre cove it. so all this leads above all to higher costs, which then also will make the transporter workers suffer from higher prices. looks like nobody wants to be a truck driver anymore. these days, we have the strike in south korea. we have china as 0 cove strategy. we have the war ukraine and the sanctions on russia. it looks like the pressure on global supply chains is only growing these days. yes, this, this direct impact of course, of less supply of goods. and from the supply chain perspective, the main impact really means it leads to more ships and other transport equipment

trucks. but officially the ships, 80 percent of global trade in volume is shipping. they have to wait longer, they spent more time in port, they have to go longer distances. you mentioned crane the so to get the same grain to egypt instead of from a cry and you have to get it from brazil. yes. with a fixed capacity. so you have a fixed number of ships, they need to go long distances. these editing ships that we would need are not there yet. they take time to bid. so all this leads to higher freight rates, which lead try a price. and if i may just last, we published a new report. so our a simulation, our estimate is at the higher shipping cost, i afraid rates leads to an additional $1.00 percentage points off consumer prices. so inflation, which is already going up through try energy and other causes, 1.6 percent at a different percentage points are due to higher transport, goes into the global average. if you are a small island developing states,

if you're far away to pay a lot of my time, the small island states, their prices go up by an additional 8 point one percent. you don't want to leave them a difficult situation. certainly young hoffman of the yearns conference on faith development. thank you for your insight. thank and now to some of the other global business stories, making news to pans. yin has volunteered 24 year lo against the us dollar japanese . the currency has been weakening from once accelerated by the feds aggressive monetary tightening to tackle soaring inflation. the n was boosted late last week when talk you said it was concerned about sharpie n falls and would quote respond appropriately if needed. netflix has announced that it's wildly popular south korean drama. squid game will return for a 2nd season. being came, netflix is most watch series when it was released in september last year. or the dark satire tells the story of cash strapped contestants who play highly violent

versions. of childhood games, quite chain for a chance of life changing sums of money. now are very lengthy delay because their co, with 19 the world trade organization is holding it's highest level meeting in 4 and a half years in geneva. russia's invasion of ukraine cast a dark shadow over this lease gathering. director general goes your country well, predicts a quote, a bumpy and rocky road ahead, but she is cautiously optimistic. she says the body can achieve one or 2 global deals. now world trade fell 5.3 percent in 2020, but bounced back last year to grow nearly 11 percent. the w t o expect growth of almost 5 percent this year. for 2 decades. the world try gonna trade organization has been trying to limit over fishing in the world, sees and some say, a deal is close. members also hope to strike a deal to temporarily wave

w t o's protections of intellectual property uncovered 19 vaccines. the w 2 hopes to position itself at the forefront of the global fight against climate change and as some question, the relevance of the body at a time of global crisis. reform is also on the agenda. now a short while ago i spoke to rita narly car. she is the president of the german institute for global areas studies. and i asked her what her will she has been hearing from the meeting in geneva, where the atmosphere seems to be pretty contentious. contentious atmosphere is right, chris, up there is a lot of disagreement are coming from different sides. so for example, there are developing countries that are complaining, that green room meetings are happening. small group meetings are happening from which they're being excluded. other are developing countries who are saying that they are being pushed into agreeing on fishery subsidies. that the concerns of

artisan art is the no small scale off earth fishery fisheries. cottage industries are not being taken into account that there is great concern on the question of a trips waiver to ensure a vaccine equity on which the us in switzerland and the you seem very reluctant to compromise. developing countries are worried about the question of food security, and some of them are arguing that they need to be able to have public stock holdings to ensure that when we have explored restrictions going up, they are able to do something about this to prepare to be able to support the very poor in their countries. and there is a great divergence of opinion on these issues and adding to this contentious atmosphere. i'm marita, i would believe is the fact that we see that trade international trade can be

weaponized. how's this impacting the w t o? so glad that you asked this question. the problem is that much of the discussion that is happening in geneva right now seems to think that the solution is a more trade liberalization. there is a much lesser understanding recognition of the fact that trade can be securitized on reader. let me ask you what form should a reform of the w t o take? there are 3 areas on which reform is absolutely necessary. the 1st and the most important is a recognition that sometimes there are tradeoffs between trade and security. that trade or globalization are not end goals in themselves. that trade can be weaponized, and that means being able to have

a system of rules that allows you to have secure supply chains with a reliable partners. this means a rewriting of many fundamental rules of the w t o, including m f and most favored nation status and national treatment. second, we need a reform of decision making processes in the w t. o. consensus decision making has been a problem, but it's also a problem if you have greenville meetings that exclude the great majority of your membership, which, which means developing countries. right? so we need reform of decision making. and 3rd, the w t o needs to be engaging more with real people, it needs to move out of the technocratic bubble that these discussions are taking place. and it means developing narratives that explain to people why a re booted reformed system of roles actually is good for them. right? because narratives also matter. i'm right on all the current president of the

german institute for global in areas studies. thank you for your time. thank you, bess. tasty, and nothing else. that's the claim for russia's newest, fast food chain, the food looks familiar as does everything else. that's because the new restaurants, all the countries rebranding of the old mcdonald's restaurants after the company left russia over its war, a ukraine might bring back the big mack says, this protest her interrupting the opening of cushioning. tush, gus flagship store at moscow's pushkin's square, he was quickly escorted out opening day after all was meant to be all about the new burgers and fries, and not the boat rushes, growing isolation as more and more international companies leave. i don't that was seen outside long lines, customers eager to try the newly branded fast food. much like in 1990 when the

crowds came to 1st will come the americans. they are now gone. but their recipes, not so much. so it looks the same to me, the fries and the fish burger. that's the one i've liked best since there was a kid who are. yeah, i usually have fries here. they taste the same as before. indeed, the food is the same as ever. the machines are the same, even the menu screams. mcdonalds took a charge of $1400000000.00 as it transferred the restaurants to one of its local licensees, leaving in a hurry, just dropping the company name off every surface. for now, food is packaged in plain white paper, asked for that big mac. it's so tied to the u. s. fast food giant that it can no longer be served here, but the new owner is working on a replacement. will you mean it will taste the same, but it will have

a different name? it's ingredients will also be different. and believe me, our specialists are already working on it. this is eddie stribling because no tosca is set to soon fill all 850 former mcdonald's restaurants in russia. and he wants to grow beyond that to that social for now, as usual, there's more on d, w dot com slash business, and on the dw, use youtube channel on chris kolber on the line. thanks for watching ever sophie successful. ah ah ah

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and why are they a threat to us all o peak will this week on d w ah ah ah, this is the w news life from berlin. the battle for severe done yet appears to be tipping in rushes, favor you cry, and says its troops are still fighting for every meter, but they've not been pushed out of the city center also on the program. conflicting reports about the 2 men missing in the amazon police say.